A major offshore natural gas discovery in the Eastern Mediterranean near Cyprus at the Glaucus-1 well by US energy giant ExxonMobil said on February 28 will increase the region’s geopolitical importance and reduce Europe’s energy dependence, leading experts told New Europe at the Delphi Economic Forum.

“The East Med’s importance is associated with the EU and US’s strategic decision to reduce European dependence on Russian natural gas. Therefore, the region is perceived as a supplementary alternative that, together with other sources, can contribute to this objective, Constantinos Filis, director of research at Institute of International Relations, told New Europe.

A participant at the Delphi Economic Forum, Filis noted that the interesting development is Israeli Prime Minister Benjamin Netanyahu’s strong willingness to support the EastMed natural pipeline that plans to transport gas from Israeli and Cypriot fields through Greece and onto Italy, “and in the coming weeks we will find out how this is going to evolve.”

 

Full article available: https://www.neweurope.eu/article/cyprus-new-glaucus-1-gas-field-can-boost-eu-energy-security/

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