The European Commission has determined after authorizing a feasibility study on a natural gas pipeline from the Leviathan offshore gas field via Cyprus to Greece would cost about $5.7 billion.

This was reported by Shaul Meridor, Director General of the Israeli Ministry of Natural Infrastructures, Energy and Water Resources. Meridor met in Athens with his counterparts from Greece, Cyprus and Italy and a senior official from the EU Energy Commission. All meeting participants expressed the desire to carry on with the project and the European Commission has recognized the pipeline as a Project of Common Interest (PCI).

The length of the pipeline examined in the feasibility study would be 1,300 kilometers - 200 kilometers in deep waters from the Leviathan field to the Cypriot gas fields and Cyprus itself, 700 kilometers to Crete, and 400 kilometers to the Greek mainland. The pipeline's diameter would be either 24 or 32 inches in various sectors and it could supply 16 BCM annually.

Given the European preference to diversify its sources of energy and particularly its desire to wean itself from being overly dependent on Russia for natural gas, the Israelis are hopeful that the Leviathan basin will capture European attention and help supply Europe for many years to come.