Calmco Ltd

The European Commission is examining the impact of possible Cypriot gas reserves in the offshore area between Cyprus and Israel, in order to diversify the energy mix used by the EU and break off the island`s energy isolation, Commission spokesman Jakub Adamowicz has told the Cyprus News Agency.

Speaking at the daily press briefing in Brussels, Jakub Adamowicz said that “it may be too early to evaluate the size of stocks, but the European Commission monitors very closely the developments in the gas fields of Cyprus”.

“The natural gas discoveries in the Eastern Mediterranean can play a very important role in helping both the neighbouring countries and the producing countries themselves to tackle energy security problems”, he noted.

“Likewise they have a growing role in EU energy diversification strategy, although it is too early to evaluate the impact that would have on the Community gas market,” he said.

“The European Commission recognizes the potential of the Eastern Mediterranean in the context of recent findings in relation to gas and monitors with great interest the development plan for the Cyprus gas fields, as well as other sources in the area. The ending of energy isolation and diversification of gas supplies in the EU are important objectives of this European Commission, as described in the strategy for the Energy Union. Bringing new gas in the EU, particularly to the vulnerable southeast Europe, is of paramount importance”, he concluded.