“After a meeting in Tel Aviv on Monday between energy ministers from Israel, Cyprus, Greece and Italy, European Climate and Energy Commissioner Miguel Arias Canete told reporters he believed the project would “meet all relevant requirements” to make a financial commitment possible.
Canete also noted that Cyprus and Israel were “very reliable” suppliers, and that their gas reserves could make a valuable contribution to the EU’s strategy to “diversify sources, routes and suppliers….
Israel has discovered more than 900 billion cubic meters (bcm) of gas offshore, with some studies pointing to another 2,200 bcm waiting to be tapped. Along with the European market, it is exploring options to export to Turkey, Egypt and Jordan.
Cyprus’s ‘Aphrodite’ natural gas field holds an additional 128 bcm of proven reserves, and further exploration is expected to find much more gas in Cypriot waters.”