In the broader energy security scheme, the vision of Cyprus in the field of hydrocarbons is to become part of the energy map of the Eastern Mediterranean region and acquire a decisive role in energy developments
Significant gas discoveries in the Eastern Mediterranean region during the last decade have attracted worldwide attention, whilst hydrocarbons exploration activities have intensified. These discoveries are expected to be developed sooner or later. On the other hand, the goals of the climate agenda for Energy Transition are not expected to be achieved from one day to the other. They require significant investments, technology improvements and time; in other words, they need a transition period. During this transition, a “bridge-fuel” will be necessary; there is a wide agreement that natural gas is the “bridge fuel”. Moreover, natural gas is used in hydrogen production, which is expected to have a leading role in Energy Transition. Lastly, for some sectors such as transport, Energy Transition will be more difficult and slower; therefore, natural gas can play a vital role as it is undoubtedly the most environmentally friendly conventional fuel.
“Hydrocarbons are a key component that could lead the wider area toward an era of peace and prosperity”
In the broader energy security scheme, the vision of Cyprus in the field of hydrocarbons is to become part of the energy map of the Eastern Mediterranean region and acquire a decisive role in energy developments. At the same time, the oil and gas industry aim at contributing to sustainable economic development and, ultimately, to the prosperity of Cyprus’s citizens.
In this context, Cyprus and Serbia could cooperate in Energy Efficiency and Renewable Energy Sources (RES), especially in the deployment of solar energy, for instance, via exchanges of extensive experience and know-how regarding application and installations of thermal energy, solar systems as well as photovoltaic systems. Furthermore, the Applied Energy Laboratory could participate in an exchange of know-how / experiences and on practical aspects concerning the testing of solar thermal collectors and systems. The sector of innovation and research is steadily developing activities and synergies through several universities and research centres between the two countries, in areas such as RES, energy efficiency, electricity management, energy storage and hydrogen.
The East Med region has huge potential to supply the EU and international markets with natural gas. Since the Tamar discovery in 2009, around 2,100 BCM (Billion Cubic Meters) have been discovered between Cyprus, Israel and Egypt. By creating synergies to utilise new and existing infrastructure, neighbouring countries in the east Med region may create strong alliances to create the «East Med gas corridor» to Europe, consisting of different gas sources, routes and export facilities, thus enhancing the energy security of the countries themselves, of the region and Europe more broadly. In this respect, hydrocarbons are a key component that could lead the wider area toward an era of peace and prosperity.