The transfer of East Mediterranean natural gas to Europe can be achieved through Greece and Italy, but for the project's viability, its course needs to cross through Turkey, the Chairman of Damnus Energy & Investment, Inc. said.
East Mediterranean gas has become a controversial issue with an alliance of Greece, Israel, Italy and Greek Cypriot administration anxious to seal a deal without the participation of Turkey.
A memorandum of understanding (MoU) signed by these countries on Tuesday to transfer natural gas from Israel to Italy via a sub-sea gas pipeline has raised questions as to the feasibility of the project, Damnus chairman Nusret Comert said in an exclusive interview with Anadolu Agency.
Comert said that such a consensus is politically motivated and the project is not based on financial reality.
“I would recommend to our Greek, Italian and other European friends not to worry about natural gas resources in the East Mediterranean. These resources can flow to Europe through Greece and Italy, but only after it comes through Turkey."
He also exposed the difficulties with the project's range and depth. He said that laying the pipeline over the lengthy 2,200-kilometer route which can only be laid at a maximum depth of 3.3 kilometers would be problematic.
Financially, the project is also on shaky ground based on current oil market prices.
"The project aims to carry 12-16 billion cubic meters with the project costing close to €6 billion. If we convert this to thousand cubic meters, we face very high numbers," he said, adding that the project can only bear the cost if oil is priced all time high levels. However, he said that based on the current pricing, the realization of such a pipeline project is unfeasible.
The question of sufficient gas supplies also comes up for scrutiny. According to Comert, Greek Cypriots know that they do not have enough gas to produce or export, but Israel has.
Nonetheless, the best route for all gas resources in the region is still through Turkey, he affirmed.
Comert said that so far, no major energy companies, like Noble or Delek have become involved in the project.
"The only thing that we saw was the signatures of politicians," he said.
"We cannot deny the importance of political support but major energy projects require the support of private companies and finance," he noted, adding that one of Turkey's major projects to carry Azeri and Turkmen gas to Europe via Turkey, the Nabucco gas pipeline project failed to get off the ground.
The Nabucco pipeline failed to be realized due to instability in the region and its high cost, despite the political support from the EU, the U.S., Turkey and Azerbaijan. The pipeline planned to carry Azeri and Turkmen gas to Europe via Turkey and the project also considered carrying Iranian and Iraqi gas.
The source of some of the East Mediterranean gas, the Aphrodite gas field offshore south Cyprus, with a capacity of 110 million cubic meter, is at a depth that will make it impossible to reach, according to Prof. Dr. Ata Atun from the Near East University in the Turkish Republic of North Cyprus.
It will need a over a decade for new drilling technologies to be developed to reach the deep resources in this field, he argued.
"The depth of Aphrodite gas field is close to 3,200 meters. Today's technology will allow drilling and production of natural gas up to 1,800 meters deep," he explained.
According to Atun, the Greek Cypriot administration became anxious after Turkey and the Turkish Republic of Northern Cyprus signed a recent hydrocarbon exploration contract around Cyprus.
He said the quadrilateral memorandum of understanding (MoU) in retaliation "is a theatrical play" in which the Greek Cypriots are trying to find international support for their unilateral attempts to gain benefits from Cyprus's natural resources.
By Muhsin Baris Tiryakioglu
Anadolu Agency
energy@aa.com.tr