The Eastern Mediterranean, if properly developed, could become a key player in the energy supply of Europe, EU Vice President and Commissioner for Energy Union, Maros Sefcovic said on Monday.
Sefcovic who is visiting Cyprus in the context of his “Energy Union tour,” met with Cypriot Minister of Energy Giorgos Lakkotrypis, who noted that Cyprus and the region could contribute to the EU energy security.
“We see the East Mediterranean as very important territory from the point of view of the energy security of Europe,” Sefcovic said in statements to the press with Lakkοtrypis and added “I think we need to work very closely with Cyprus to do everything possible to develop it in the most intelligent and smart way to the benefit of the region but also for the improvement of the energy security of Europe.”
Asked whether he sees the natural gas deposits discovered in the Eastern Mediterranean being transferred to Europe at a future point, Sefcovic pointed out that a lot would depend on the future work in the gas fields so far, “as we have seen the first results are very promising.”
Referring to the gas discoveries in the region, Sefcovic said “we are not talking about hundreds but about thousands of billions of cubic metres,” and added that Europe`s annual natural gas consumption ranges between 400-500 million cubic metres.
“So this just shows how important these gas fields in the Eastern Mediterranean are,” he went on to say.
The Commissioner also noted that the next question would depend on how big the gas discoveries really are, what is their potential and what is the most economical use for the region and for eventual transportation to Europe.
Sefcovic also said that in February the Commission will present the new LNG strategy for Europe, “where we see the Mediterranean of very important gateways for the new supplies for Europe.”
“So I believe that once properly developed, the Eastern Mediterranean could become very principal matter in this matter,” he concluded.
On his part, Lakkotrypis said he discussed with Sefcovic on the developments the prospects in view of the natural gas discoveries in the region.
“We also discussed on how the European Commission and Cyprus could work together to strengthen the EU`s energy security both in terms of energy sources as well as natural gas routes,” the Cypriot Minister added.
Lakkotrypis also thanked Sefcovic` support manifested in the inclusion of three Cypriot projects in the EU list of Projects of Common Interest, that would receive EU funding.
These projects are the Euro Asia Interconnector a cable linking up the electricity grids of Cuprus, Israel and Greece, the EastMed pipeline, a project for the linking of the Eastern Mediterranean natural gas fields with Cyprus and Greece and the removing the internal barriers with a view to ending Cyprus energy isolation.