Plans for a €6bn, 1,900km subsea gas pipeline linking gas discoveries off Israel and Cyprus with Europe always looked far-fetched. The key backers were always more political than commercial: governments in Cyprus and Israel were keen to make themselves a key element of Europe’s energy supply but Chevron, who as operator of the key gas fields would have had to pay the lion’s share of the cost, has never mentioned it as an export option (MEES, 25 September).
Even the political backers are now falling away. The EU has moved away from backing major oil and gas infrastructure projects. And now the US has also withdrawn its support. In a non-paper to the governments of Greece, Cyprus and Israel, the Biden Administration expressed its reservations to the economic and environmental viability of the project. (CONTINUED - 447 WORDS)
