Under the proposal of Israeli Energy Minister Steinitz, the energy ministers of Cyprus, Greece, Israel, Bulgaria, Hungary and Serbia held an online video conference on the 28th to discuss the Eastern Mediterranean oil and gas pipeline project and issued a joint statement. The project is expected to cost 7 billion euros, with a natural gas transportation volume of 9-12 billion cubic meters per year. The project starts in Israel, connects to the European continent via Cyprus and Crete, Greece (currently ends in Italy), and is expected to be completed in 2025. At present, the project has received 35 million Euro funding from the European Union for 4 research projects. The above research projects will be tendered soon.

Strategic position of pipeline construction

The statement shows that in addition to the three foreign countries that have already participated in the project (signed at the end of 2019), Bulgaria, Hungary, and Serbia actively support the Eastern Mediterranean oil and gas pipeline project, hoping to help the country accelerate the transition from energy consumption to natural gas. The six ministers believe that natural gas, as a key excess energy source, will contribute to the long-term energy transition and significantly reduce carbon emissions in various countries. Moreover, the project can greatly improve the security of natural gas supply in Southeast Europe and increase the diversification of alternative energy supplies in Central European countries. It is feasible to improve the security of natural gas supply in a wide range of regions including Italy in Southeast Europe, Central Europe and the Central Mediterranean. Choice of sexual and strategic routes. In order to strengthen cooperation, the ministers also agreed to convene the next ministerial meeting as soon as possible to study practical ways of cooperation and form a team of experts to provide technical support.

The Serbian Parliament approved the East Mediterranean Gas Forum (EMGF) charter. The regional international organization was established by Egypt, Cyprus, Greece, Israel, Italy, Jordan and the Palestinian Authority as the founding countries, headquartered in Cairo, with the purpose of exploring the potential of natural gas energy in the region and monetizing the advancement of reserves. Currently, among the seven founding countries, Greece and Italy have not yet completed their respective domestic legislative procedures. In addition, France is applying to become a member of the organization, and the European Union, the United States, the UAE and Russia have all intended to become observers of the organization.

The Eastern Mediterranean Region includes 8 important basins with oil-forming conditions. Due to the discovery of many offshore gas fields in the Levant Basin and the Nile Delta Basin, these two basins have increasingly become the core of the region. In the past few years, these two basins Almost all of the major gas fields discovered in China are located in the waters of Israel and Egypt, and there are also gas fields of a certain size discovered in Cyprus. The exploration and development of natural gas fields in the waters of these three countries has potentially significant significance for changing the energy supply pattern in the region.Editor/Xing Wentao