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31 May, 2024
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Cyprus' gas dilemma deepens

Empty promises and unfulfilled potential

Yiannis Ioannou

Yiannis Ioannou

While Netanyahu's recent visit to Cyprus generated considerable attention, it's apparent that promises of cooperation in the Eastern Mediterranean have yet to materialize. Despite the potential for projects like the EastMed pipeline and the Greece-Cyprus-Israel electricity interconnector cable, progress remains elusive. It's been a decade since the commercial viability of Cyprus' Block "12" ("Aphrodite") was declared, but the economic benefits from its hydrocarbon deposits on the continental shelf remain untapped.

Netanyahu's visit failed to shed light on the border deposit issue, particularly concerning "Isai." Additionally, long-term energy decisions have been discussed for six months without tangible results in sight.

Comparatively, Israel serves as a compelling example of rapid development, having transformed deserts into technological marvels in agriculture and embraced renewables and natural gas, notably the "Leviathan" discovery. Israel's focus on exports to countries like Egypt and even those without diplomatic relations, like Morocco, highlights its strategic planning prowess.

Meanwhile, Cyprus continues to grapple with high energy costs and geopolitical complexities, despite the potential of its gas reserves. Twelve years since their discovery, Cyprus still relies heavily on fuel oil, and the region's gas potential remains largely untapped.

A decade has passed, yet the promise of natural gas remains unfulfilled, casting doubt on its realization in the foreseeable future if current mindsets persist.

Cyprus  |  gas  |  energy  |  economy  |  politics

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