Official Nicosia is ready to help other EU member states in the solution of the “gas” issue. It is ready to expand the production of “blue” gasoline on the shelf to supply it to Europe.
The European Union, in order to solve the issue of dependence on Russian gas, is planning to strengthen the strategic role of Cyprus in the supply of natural gas. The corresponding proposal is of interest to official Nicosia. This was stated by the Minister of Energy of Cyprus Natasha Pilides in an interview Bloomberg.
“Europe is a good potential customer for Cypriot gas because the EU has confirmed that natural gas will remain a consumer fuel until 2049 as part of the green transition, so companies can now enter into long-term contracts,” said the officer.
He noted that Cyprus is a small country, therefore it consumes less gas, but due to its island location, it produces more offshore.
In early 2023, Cyprus plans to start drilling another well in the offshore Aphrodite field. Its volume is estimated at 125 billion cubic meters. The work will be fully completed by 2027.
Cyprus also wants to take advantage of a plan by Greek energy company Energean Plc to build an estimated 200-kilometer pipeline from its offshore field in Israel to the city of Vasilikos on the island’s south coast, the minister said. The pipeline will be able to transport liquefied natural gas in the amount of about 3.5 billion cubic meters per year.
Cyprus expects its construction to be completed by 2026.
Recall that the price of gas in the European market rose on Tuesday, July 26, to the highest since March.
Gas prices rose sharply after Gazprom announced earlier in the day that it would cut gas supplies through Nord Stream 1 to 33 million cubic meters per day from July 27.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.