Discoveries, regional cooperation hold stage at the 2019 Eastern Mediterranean Gas Conference
The future of the Eastern Mediterranean as an oil and gas service center took center stage this week as executives from leading energy companies gathered in Cyprus to attend the 2019 Eastern Mediterranean Gas Conference (EMGC 2019).
“With strong operator support and regional representation, EMGC is an invaluable resource for those looking to develop the Eastern Mediterranean’s resource potential,” conference leader Catherine Watkins said. “Between ExxonMobil’s recent discovery offshore Cyprus, further exploration and projects already under development, the Eastern Mediterranean is poised to become a major influence in the global natural gas industry.”
The conference, which was attended by professionals from 18 countries, was opened by Yiorgos Lakkotrypis, Minister of Energy, Commerce and Industry for the Republic of Cyprus. The Minister discussed regional cooperation, recent natural gas discoveries and how the Eastern Mediterranean’s natural gas reserves can best be monetized. Mr. Lakkotrypis was joined by executives from Eni and Total, two companies with major investments in the region. Carlo Vito Russo, Executive Vice President, Europe and Russia for Eni, addressed the status of resource development in the Eastern Mediterranean, and noted that new exploration initiatives in 2018 and 2019 have proved the extension of the Zohr play in the Cyprus Exclusive Economic Zone. Total E&P's Yves Grosjean spoke about Cyprus' desire to be "the responsible energy major." Mr. Grosjean said, "It's about providing energy solutions to the world that are reliable, affordable, and responsible."
A highlight of this year’s conference was an afternoon panel discussion featuring executives from Eni, Total and ExxonMobil. The operator-only panel discussed how Cyprus could fulfil its potential as an oil and gas service center, explored the associated advantages and challenges, and presented strategies for establishing the nation in that role.
EMGC 2019 was produced by Gulf Energy Information and co-hosted by Eni and Total. EMGC will return to Cyprus on 4-5 March 2020.