Israel is looking to exploit its substantial natural gas reserves with two potential pipeline projects to Turkey and Greece, its Energy Minister Yuval Steinitz announced Sunday.

“If things improve with Turkey… gas could both be sold to Turkey, and to Greece via Turkey,” Steinitz told Kathimerini daily.

Israel and Turkey have reportedly been working on a rapprochement after falling out over the deadly storming by Israeli commandos in 2010 of a Turkish aid ship.

Steinitz added: “If important reserves are discovered in Israel and Egypt, or even in Egypt, this could justify the construction of a long pipeline to Greece.”

“At first we estimated that this would cost 15 billion dollars (13 billion euros), which is prohibitive. Now new estimates reduce this to around seven billion (dollars),” he said.

At a three-way summit in Nicosia last month, Israeli Prime Minister Benjamin Netanyahu said Israel, Greece and Cyprus would form a committee to study plans to build a pipeline between Israel and Cyprus and on to Greece.

Israel has been trying to extract offshore gas since the discovery of the Tamar and Leviathan fields in 2009 and 2010.

Production has begun in Tamar, but the far larger Leviathan has been hit by a series of delays and anti-trust litigation in Israel.

The size of the Leviathan field is estimated at 18.9 trillion cubic feet (535 billion cubic metres, or bcm) of natural gas, along with 34.1 million barrels of condensate.

Tamar holds another 250 bcm of natural gas.

Israel intends to export gas from Leviathan to other countries in the region, which could grant Israel strategic leverage.

ALSO READ  Israel unveils new laser defense system: video

The three leaders also discussed plans for an underwater cable to connect the electricity grids of the three countries.

“It is a project estimated to cost four to five billion dollars,” Steinitz said.

“The connection of Israel and Cyprus by 2019 has already been decided. And then it is important to connect to Greece,” he said.

 

AFP

Share this article:
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Notice: All comments represent the view of the commenter and not necessarily the views of AMN.

All comments that are not spam or wholly inappropriate are approved, we do not sort out opinions or points of view that are different from ours.

This is a Civilized Place for Public Discussion

Please treat this discussion with the same respect you would a public park. We, too, are a shared community resource — a place to share skills, knowledge and interests through ongoing conversation.

These are not hard and fast rules, merely guidelines to aid the human judgment of our community and keep this a clean and well-lighted place for civilized public discourse.

Improve the Discussion

Help us make this a great place for discussion by always working to improve the discussion in some way, however small. If you are not sure your post adds to the conversation, think over what you want to say and try again later.

The topics discussed here matter to us, and we want you to act as if they matter to you, too. Be respectful of the topics and the people discussing them, even if you disagree with some of what is being said.

Be Agreeable, Even When You Disagree

You may wish to respond to something by disagreeing with it. That’s fine. But remember to criticize ideas, not people. Please avoid:

  • Name-calling
  • Ad hominem attacks
  • Responding to a post’s tone instead of its actual content
  • Knee-jerk contradiction

Instead, provide reasoned counter-arguments that improve the conversation.

2 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
Emmanuel Omassi
Emmanuel Omassi
2016-02-08 07:18

That is a huge mistake Greece, BOYCOTT ISRAEL.

Thom Culpeper
Thom Culpeper
2016-02-08 07:18

What will they be pumping..? Thieved Palestinian gas..!