Nicosia: Cyprus’ path toward energy independence and its ambition to become a regional energy hub in the Eastern Mediterranean were at the centre of discussions on Wednesday in Nicosia, during the 13th Energy Symposium’s panel on geostrategic energy policies.
According to Cyprus News Agency, Energean CEO Mathios Rigas stressed that political will, committed companies, and close regional cooperation are key prerequisites if Cyprus is to move ahead with the parallel development of energy infrastructure and ultimately establish itself as a regional energy centre. Rigas highlighted the necessity for political determination, companies willing to stay in Cyprus, and cooperation among the region’s countries to ensure infrastructure progress.
Rigas acknowledged Cyprus’ decision since 2011 to work primarily with global energy majors, noting that such companies excel when discoveries are large. He pointed out that reserves of three to five trillion cubic feet are considered small-scale for these giants, echoing data from the Cypriot Energy Minister.
He cited Israel as an example, explaining how the country took a decisive step in 2018, despite the pandemic, to proceed with eight drilling operations worth 2 billion dollars without multinational giants’ involvement. Israel’s initiative led to its transition from an importing nation to an energy-independent natural gas exporter.
Rigas expressed confidence in Cyprus’ energy development plan, describing it as simple, realistic, and implementable. He mentioned Chevron’s ongoing project, similar to Energean’s floating production model in Israel, with links to both Israel and Egypt. He emphasized that affordable natural gas is crucial for broader industrial development and energy transition.
Energean has proposed building a pipeline from the Karish field, approximately 180 kilometres from Cyprus, to supply gas to the island within 12 months of licensing approval. Rigas stressed the need for Cyprus to decide on fostering a competitive energy market and supporting companies committed to smaller states.
Professor Andreas Poullikkas also spoke at the symposium, presenting his research on the India-Middle East-Europe economic corridor, sustainable natural gas exploitation in the Eastern Mediterranean, and Cyprus’ potential shift from a carbon-based to a hydrogen-based economy.
Israeli Ambassador to Cyprus Aviv Ezra emphasized the strong Cyprus-Israel energy cooperation, marking it as a pillar of regional stability. He highlighted governmental coordination, progress on the ‘Aphrodite-Ishai’ block discussions, the new NewMed-CIPOC memorandum, and the strategic importance of the Cyprus-Greece-Israel trilateral partnership and the ‘3+1’ scheme with the United States.
Ezra stressed the importance of accelerating the clean energy transition and regional collaboration to tackle shared challenges such as climate change and rising energy demand.