Europe has found a new "savior" from gas dependence on Russia

The European Union's extreme drive to replace Russian natural gas with alternative sources has drawn attention to various gas producers in both existing and emerging production regions. Brussels has long been looking for a "messiah", a kind of "savior" of Europe from gas dependence on the Russian Federation, and it seems that a suitable candidate has been found. According to the specialized resource, Cyprus is being considered for this role.

In Cyprus, gas exploration has become a strategic priority. The tiny island nation in the Mediterranean is a newcomer to the gas scene, which it entered in 2011 with a gas discovery in the offshore Aphrodite field, which contains an estimated 124 billion cubic meters of condensate. Also, condensate reserves were found in the nearby formations of this block in large Calipso and Glaucus-2 fields.

For the EU, this field is very profitable and convenient, as it is managed by loyal Chevron and Shell together with the Israeli company NewMed Energy. While the energy cluster at the bottom of the sea is "overgrown" with exploration wells, by the end of the year Chevron will present its final development plan to the Cypriot government.

The EU is a natural destination for Cypriot gas, which has yet to be produced. Our country obviously consumes much less gas than it can theoretically produce, and Europe is the nearest market to it, and it is thirsty

Cyprus Energy Minister Natasha Pilides said in an interview with Bloomberg this week.

The Cypriot government is afraid of being “late”, because it is still necessary to build infrastructure and deliver the produced fuel to the mainland. However, the EU energy transition program is designed until 2049, so the island state, especially with the investments of Shell and Chevron, has a hope to justify Europe's trust.

However, as OilPrice notes, Cyprus has a problem - it is lagging behind in the development and satisfaction of demand with supply due to the fact that the government of the island state does not share the share of products with investors after they start selling them on the premium market. Development was delayed, according to Reuters, back in 2020, and so far the parties have not reached an agreement. However, only a hint from the EU leadership will correct the situation, the publication is sure.
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  1. Bakht Offline Bakht
    Bakht (Bakhtiyar) 27 July 2022 08: 44
    The publication does not take into account the position of Turkey. Erdogan will obviously not like this.
    1. boriz Offline boriz
      boriz (boriz) 27 July 2022 11: 35
      Given the results of the meeting in Tehran, Russia will most likely support Turkey. As in the Greek-Turkish conflict.
      1. Bakht Offline Bakht
        Bakht (Bakhtiyar) 27 July 2022 13: 26
        Already support. Please note that for some reason, turbines on Turkish streams do not require repairs. Although, it would be necessary to find out exactly what kind of turbines are there.
  2. Vladimir Tuzakov (Vladimir Tuzakov) 1 August 2022 22: 51
    One way or another, Cyprus will enter the pool of gas suppliers, and the British (military base) are in charge there, and Israeli interest will drive the work .. And with sanctions for the Russian Federation, Cypriot gas will "go" faster to Europe. This means that the Russian Federation will have to redirect gas flows to the east, mainly to China, Japan and other states .. Although China is conducting exploration and is already gaining enough of its fields. Russia's cloudless life on hydrocarbons will almost completely end in a five-year period. First, it's time to work for the needs of your own state (a shoemaker without boots). Nuclear energy has a perspective, especially small and ultra-small nuclear power plants, and without delay to find and switch to other strategic sources of export earnings ...
    1. Grandpa Wow Offline Grandpa Wow
      Grandpa Wow (Nikolai) 25 August 2022 07: 56
      We need to start dismantling all the gas pipelines to Europe! FRIENDSHIP, SP-1, SP-2!.. Europe will have Cypriot gas, so the pipes must be pulled to the East! And about the fact that Russia's gas market will disappear ... - well, gas is not endless and it's just stupid to pump everything out for sale thoughtlessly!
  3. Grandpa Wow Offline Grandpa Wow
    Grandpa Wow (Nikolai) 25 August 2022 07: 49
    So how do you share the profits? 100% Europe and never mind Cyprus! It’s just not clear what Cyprus doesn’t like about this scheme? Only until 2049, Europe simply will not survive!