Assistant Secretary for energy resources at the US State Department Francis Fannon said Washington strongly discouraging any activity that could escalate tensions, such as Turkish threats to start drilling within Cyprus’ exclusive economic zone (EEZ).
Energy diplomacy and the new geopolitical landscape in the Eastern Mediterranean, coupled with the transformation of the region into an energy hub, were topics of the EastMed-New York Investment Summit organised by the “Economist”.
Fannon reiterated the long-standing US position that it recognizes Cyprus’ right to develop its resources within its EEZ and that resources should be distributed fairly within the framework of an overall solution. He added that the US were considering energy as a catalyst for dialogue.
Fannon explained the importance of the Eastern Mediterranean for the US and the need to build and consolidate the alliances in the region. He also said that US cooperation with Cyprus and the East Med countries was enhanced due to energy developments.
He said that energy could be a catalyst to conflicts, giving the example of the export of energy sources from Israel to Jordan and Egypt, something that as he said a few years ago was unthinkable.
Referring to the new energy discoveries, he said that the region could now become a safe energy provider to Europe, while for the transport corridors, the market itself would decide which one is the best.
Cyprus Minister of Energy, Giorgos Lakkotrypis, presented to the conference the prospects of the East Med in general and Cyprus becoming an alternative route and source of supply for both the European Union and for other international markets.
He said that countries in the region were looking together for ways to reduce technical, economic and political risks, in order for the companies to operate and invest in their respective Exclusive Economic Zones and in the Eastern Mediterranean as a whole. He also said that Cyprus is leading the efforts to set up the EastMed gas corridor.
Speaking to journalist after the Summit, Lakkotrypis said that after the big discovery of ExxonMobil offshore Cyprus, intense discussions about the different ways of exploitation and routes have started.
With the exception of gas from “Aphrodite” field which was a more mature project and was meant to go through a pipeline to Egypt’s LNG plants and then to the European markets, the discussions for the exploitations of other discoveries such as “Calypso” and “Glafcos”, discussions have started between the government and the companies, as well as between the interested companies. (Source CNA)
