Europe is structurally short of gas, with all the problems that entails for security of supply and the competitiveness of the European economy.
The reality of this unfortunate situation has been brought home as a result of recent geopolitical developments, forcing a re-think of energy strategy.
The long term aim remains to dramatically reduce consumption of fossil fuels in order to lower carbon emissions to net zero by 2050.
But it is increasingly obvious this must be done in a way that is affordable for consumers and enables European industry to maintain access to internationally competitive energy supplies and chemical feedstocks.
The first element of the EU’s response to the energy crisis has been to accelerate the diversification of energy supplies away from largely imported fossil fuels and towards renewables building on the full implementation of the European Green Deal.
This shift is critically important to achieving Member States’ ambitious decarbonisation targets as well as improving overall security of energy supplies.
But a second and arguably equally important element, recognising the importance of gas as an essential transition fuel over the coming decades, is the drive to increase gas supplies from trusted partners.
So it is encouraging to hear good news about a project that will bolster local gas production and generate much needed revenue in the European and Mediterranean regions.
The Cypriot government has given its approval to the Aphrodite gas project, Cyprus’ largest offshore discovery so far with estimated resources of around 127 bcm.
It is an interesting development that will include a floating production unit in Cyprus and a pipeline to transport the gas to Egypt, making use of existing infrastructure there.
This is a particularly welcome development since, as Cypriot President Mr Nikos Christodoulides has observed: “Cyprus, the only Member State in the Eastern Mediterranean region with confirmed gas reserves and with historically excellent relations and long-standing partnerships in the field of energy with the vast majority of its neighbours, can play a key role in our joint efforts to address the energy crisis, by providing a reliable, alternative energy corridor to Europe, comprising diverse sources and routes.”
Cyprus argues that the presence of major oil and gas companies in the region can be leveraged to help create a sustainable regional gas market that could supply the EU with gas in the near future and potentially hydrogen in the longer term.
It is therefore intensifying discussions with major oil and gas companies to implement its vision of connecting gas fields in the region via pipelines to a modular liquefaction plant to be situated in Cyprus, through which gas can be exported to the European market.
Maintaining a stable and secure environment in the Eastern Mediterranean not only benefits the region and its people, but it is also of strategic importance for the EU.
In short therefore, the Aphrodite gas project should prove to be a positive development for the Mediterranean and European economy and for energy security in the region – and complementary to the wider decarbonisation agenda too.
Jeremy Nicholson is former Chair of the International Federation of Industrial Energy Consumers in Europe.
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