Ambitious Pipeline Project Under The Mediterranean Sea

Ambitious Pipeline Project Under The Mediterranean Sea

Underwater The construction of the pipeline linking the Eastern Mediterranean gas resource to Europe will be made by 2019.

The pipeline will cross from Israel and Cyprus territories into Greece and Italy in deep water. It will help the development of the Levant Basin offering access to a larger market.

An Estimated cost of $7 billion from the European Union as the four partner countries continue the construction plans for the complex line.

An agreement between the four founding states of the Est Med Pipeline should be reached. It is expected to have a final investment decision made by early 2019. The pipeline will transport between 9 to 12 billion cubic meters (bcm) annually. IGI Poseidon a joint venture between Greece’s natural gas firm DEPA and Italian energy group Edison.

With the gas discovery for the past 2 decades of the Aphrodite, Levant, Tamar, Dalit Mari B and Marin basin reservoir, Israel have transformed the region economic to export gas to their neighbors.

Israel is also considering the construction of a pipeline to provide gas to Turkey. With the growing demand from the region. Even though political tension between the two counties have been rising it seems like the project has not moved forward. With those reserved there is enough to supplies everyone in the region and more.

This summer a new auction of 20 to 30 offshore exploration blocks by Israel could result on the discovery of further gas resources.

At the end of last year an auction attracted limited interest with Greece’s Energean including a consortium of Indian’s companies purchasing the blocks.

To attract foreign investors Israel has open an economic mission in Houston.

Israel will have to change its relations with their neighbors, with so much at stakes it would be into their best interest to keep the region peaceful.