The Russian invasion of Ukraine, which has pushed prices to historic highs, has rekindled discussions on the EastMed pipeline, Chevron CEO Michael Wirth told CERAWeek Energy Conference on Monday.
Wirth downplayed concerns about global oil supplies amid the ongoing Russia-Ukraine war and the potential for an energy crisis.
The EastMed pipeline, intended to transport natural gas from Israeli waters to Europe via Greece and Cyprus, was announced in 2016 and several agreements have been signed between the three countries on the subject. The three countries were aiming to complete the 6 billion-euro project by 2025, but funding has not been secured.
Last January, the United States informed Israel, Greece, and Cyprus that they no longer supported the proposed EastMed gas pipeline from Israel to Europe, citing the need to “(allow) future exports of electricity from renewable sources.” energy, for the benefit of the nations of the region.
The Biden government asked Israel three weeks ago if it could help mitigate possible gas shortages in Europe in the face of a Russian invasion of Ukraine, a senior Israeli official said in recent days, according to the Axios website. As noted, the US approach to Israel was part of a broader effort by the Biden administration to prepare for a scenario in which a war in Ukraine could lead Russia to cut off gas supplies to Europe.
#Europe‘s natural #gas shortage, which has pushed prices to multi-year highs, has revived talk of a Mediterranean Sea pipeline that could carry gas from #Israel to European customers.https: //t.co/5diwgTAYB1
– The Jerusalem Post (@Jerusalem_Post) March 7, 2022
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