IGI Poseidon, the joint venture of Greek gas utility DEPA and Italian energy group Edison, has launched a tender to pre-select two contractors to design and build four offshore sections (total length of 1,470 km) of the 10 bcm/year East Med gas pipeline project for a budget of approximately €3bn.
The US$6-7bn (€5.5-6.4bn) project would tap gas resources in the Levantine Basin (over 900 bcm of offshore gas reserves in Israel along with at least 128 bcm in the Aphrodite gas field in Cyprus) and would transport it to Western European markets through Cyprus, Crete, Greece, and Italy over 2,100 km. The proposed design forecasts a transport capacity of 10 bcm/year and a second optional 10 bcm/year could be deployed later. In January 2020, the governments of Cyprus, Greece, and Israel reached an agreement on the East Med gas pipeline project. East Med has been confirmed as Project of Common Interest (PCI). The final investment decision (FID) is expected in 2022 and the project is slated for completion by 2025.