Pipeline EastMed will be fully completed by 2025, Eni COO Guido Brusco said on Tuesday during an event in Milan, Reuters reported.

EastMed is a €6 billion underwater pipeline designed to bring natural gas to Europe from the eastern Mediterranean via Israel, Greece and Cyprus.

It is noted that in the spring the United States clearly distanced itself from EastMed. AT her interview with “K”US Deputy Secretary of State Victoria Nuland said that “we are moving away from a heavy pipeline on the seabed, which will be very expensive and take ten years to build. Everyone needs energy right now.”

Min. Cyprus Energy: Accelerating the development of Eastern European gas

Meanwhile, Cypriot Energy Minister Natasa Pilidu mentioned efforts to accelerate the development of natural gas sources in the Eastern European region.

Posting a tweet from Milan, where she is attending the Gastech Energy exhibition and conference, Ms Pileydu said: our participation to accelerate the development of Eastern European gas. Cyprus and the region can contribute to the search for new energy sources.”

An interesting discussion on #Gaztech with my colleagues from #Egypt, #Greece & #USas well as #EMHF & @anyabout using our partnership to accelerate #EastMed #gas development. #Cyprus and the region can contribute to #RepowerEU efforts.#energy_security #green_transition #synergy pic.twitter.com/2pTfRB1Y6z

— Natasa Pilides (@NatasaPilidou) September 6, 2022

Closer to field exploitation due to energy crisis

The new Block 6 field in Cyprus, announced by ENI and Total in August, may not be a game changer on its own, but when combined with other fields in the same area, it will greatly accelerate the hydrocarbon production program in Nicosia.

In fact, by some estimates, the 2.5 trillion cubic feet of natural gas announced at the Cronos-1 target, combined with the new drilling announced at Zeus 1, provides the potential to develop Block 6 into a second Venus field.

The Aphrodite field was discovered by the first exploratory drilling conducted in September 2011 in section 12 by the American company Noble Energy. In the summer of 2015, it was announced that, based on an assessment of the data, the amount of natural gas is estimated at 4.5 trillion. cubic feet, which makes it economical to use. This particular deposit remains undeveloped to this day. At the end of 2016, block 10 was handed over to Exxon Mobil, which carried out exploration drilling at the Glaukos site two years later. According to the announcements, the discovered deposit is estimated at 5-8 trillion. cubic foot.

EMI has also drilled another well in Block 6 at the Calypso field, with results yet to be announced, but unofficial estimates place the field at around $2 trillion. legs. This, combined with the results of Cronos-1, makes it possible to draw up a plan for the overall operation of Block 6, as the estimated quantities are now approaching the volumes of the Aphrodite field.

The energy crisis and Europe’s need for large volumes of gas from other suppliers outside of Russia are strengthening the prospects for exploiting the fields in the Cypriot AOP, but also returning to the discussion of the alternative of transporting fuel to European markets, either through the creation of a processing infrastructure on Cypriot territory or by accelerating the construction of the EastMed gas pipeline.