ENTSOG GRIP SC 2017-2026 / Annex B - Project Information

Current TYNDP : TYNDP 2017 - Annex A

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Time Schedule

Grant Obtention Date Delay Since Last TYNDP Delay Explanation

23/10/2015

Expected Gas Sourcing

Levantine Basin and offshore of Crete in case relevant reserves will be discovered.

Comments about the Third-Party Access Regime

The access regime will be defined at a later stage of the development activities

Benefits

Main Driver

Others

The primary objective of the Eastern Mediterranean Pipeline is to provide a permanent connection of the recently discovered gas reserves in the Levantine Basin with the European gas markets. The specific objectives to be achieved with implementation of the project are to: • exploit the proximity of the Levantine Basin gas fields to mainland Europe, to diversify the sources, routes and counterparts of the European gas supply with 10-16 bcm/year of deliveries from new sources, which are wholly or partly produced within the EU; • integrate Cyprus with the European gas system, further promoting gas trading in the South Eastern Europe region; • promote the development of a gas trading hubs in Greece and in Italy, in connection with other Southern Corridor initiatives, facilitating gas exchanges in South Eastern Europe; • gasify regions of Greece that currently have no access to gas, such as Crete, Peloponnese and Western Greece. The dependence of the European Union on external gas supplies is continuously increasing, with indigenous production declining, leading to the need to diversify sources so as to strengthen security of the markets' supply, particularly in SEE. On the other hand, unlocking the recent discoveries in the Levantine Basin, including - referring to the sole Cyprus - the largest recent discovery of gas reserves in Europe, is particularly relevant for the development of the exploration and hydrocarbons in the whole East Mediterranean. Considering all the above, EastMed addresses the following main needs: • Increases security and diversification of gas supplies to Europe, as well as competition in line with the EU objectives to complete the internal energy market; • Contributes to the development of EU domestic gas resources, thus limiting the dependence on third countries • Secures access to gas sources strategically located for EU

Main Driver Explanation

Benefit Description

Barriers

Barrier Type

Description

Political

EastMed Pipeline has been consistently supported by the Cypriot, Greek and Italian Governments.

It is going to be submitted a request to access CEF funds for feasibility studies

Financing

Generated by ENTSOG PDWS on 10/10/2016 05:00:19 PM

Southern Corridor GRIP 2017–2026 Annex B |

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