Wednesday, 22 July 2020 12:51

Israel extending markets for its gas

Last Sunday, the Israeli government approved an agreement with the European countries on the construction of the EastMed underwater gas pipeline which is intended to transport gas from the shelf of Israel and Cyprus to Greece and further to Italy.

The final investment decision is expected to be made by 2022, and the construction of the pipeline worth $6.86 billion is expected to be completed by 2025.Currently, land-based and offshore surveys are underway now to determine the route of the 1,900-kilometer long pipeline. A maximum sea depth will make about 3,000 meters.

The European Union and the owner of the IGI Poseidon gas pipeline, a joint venture between the Greek gas company DEPA and the Italian energy group Edison, have each invested 35 million euros in the preliminary design of the route.

Currently, the EastMed project is being promoted by the governments of Israel, Greece, Cyprus and Italy with the support of the European Union.The subsequent accession of Lebanon and Egypt is not excluded. Half of the project's funding will come from the EU budget, which has declared it a priority just like the Southern Gas Corridor for exporting Caspian gas.

Since the discovery of the Leviathan field in 2010, Noble Energy (today it was acquired by the American Chevron http://www.caspianenergy.net/index.php/en/news-en/item/775-chevron-pokupaet-noble) and its partners Delek Drilling and Ratio Oil Exploration invested a total of $ 3.75 billion in the project.

Today the Tamar gas field supplies about one billion cubic feet of gas per day to the Israeli domestic market.

In February 2018, Delek Drilling and Noble Energy signed a ten-year agreement to supply 64 billion cubic meters of natural gas worth $15 billion to Egypt from Leviathan and Tamar gas fields.The agreement with Egypt followed the September 2016 agreement worth $10 billion between the Jordanian national electricity company and the Leviathan project partners, who committed to deliver 45 billion cubic meters of natural gas to Israel's Eastern neighbor for 15 years. Gas exports to Jordan are scheduled to start in 2020

 

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