I GI Poseidon Dim itrios E. Manolis EASTMED Project Developm ent Deputy Developm ent Director Sofia, 1 5 October 2 0 1 5
IGI Poseidon S.A. IGI Poseidon S.A. is a Greek company equally owned by DEPA S.A. and Edison International Holding (100% Edison S.p.A.). The company is involved in the development of 3 major gas pipeline projects in the framework of the Southern Gas Corridor system: the Poseidon pipeline , the Eastern Mediterranean pipeline and the Interconnector Greece- Bulgaria. Thanks to the contribution to energy security enhancing by diversifying the routes and the source of natural gas supply , the IGI Poseidon projects are included in the list of Projects of Common Interest at European level. IGB IGB POSEIDON POSEIDON EASTMED EASTMED 2 Projects of Common Interest
Eastern Mediterranean Basin Sources and Export Options The Basin resources in the Eastern Mediterranean requires the identification of a bulk export option in addition to regional supplies in order to underpin project realization; Several export options are under Vasilikos consideration taking in account economics and geopolitical constrains; EastMed Project , one of such options, is finalizing the detailed analysis and the Pre- FEED studies, in order to be a consolidated, mature and viable option aligned with gas suppliers requirements. The new discoveries in the area could impact the upstream producers in the preference for the export route. 3
EastMed Pipeline Overview The EastMed project is an offshore/onshore gas Turkey Greece pipeline directly connecting the East Mediterranean gas resources to the European gas system. Peloponnese The project for its strategic relevance is included in the Projects of Common Interest list at EEZ Greece European level . EEZ Turkey The project can be designed to transport up to 14 Crete Cyprus billion cubic meters per year from the recently discoveries in the Levantine Basin to Europe. EEZ Cyprus With the support of the Cypriot, Greek and Italian Governments, the project has been selected by EEZ Egypt the European Commission to be co-financed Offshore Onshore through the CEF program with 2 M€ for the performance of the Pre-FEED activities. The project will allow to connect directly the Levantine Basin fields to the European markets via Company’s mature projects: Poseidon pipeline granting the access to Italian market and IGB pipeline to Southern-East European markets . 4
Main Facts & Challenges The Feasibility Study completed by JP Kenny pointed out that, despite the challenges of the project, the length and the deep water, the pipeline construction is feasible as demonstrated also by other similar projects on which development the promoters of Eastmed are involved. On May 2015, following an European tender procedure, the Company awarded the contract for the Pre-FEED studies to the IntecSea-C&M Engineering Consortium. The Pre-FEED activities are expected to enhance the maturity of the project , with detailed and complete technical and economic assessment, enabling the project promoter to provide reliable data for the selection of the PCI as preferred export route. Facts: EASTMEDITERRANEAN CORRIDOR Flow rate: 8 to 14 Bcm/year 200km 570km 420km 730km 170km Length: 1900km EastMed 200 km Poseidon Development: EastMed section Pre-FEED ongoing POSEIDON Poseidon section FEED completed Challenges: Water depth: c.a 2800 m ( Galsi 2800m) Max Offshore section: 730km (SouthStream 900km) Offshore diameter: 24”-26“ -32’’(SouthStream 32”) 2800m Onshore diameter: 42”-46” EASTMED Max. Op. Pressure: ≥ 220 barg (SouthStream 300barg) Ongoing Pre-FEED studies will provide by 2016 confirmation of optimal configuration and associated competitiveness with respect to other export option from the area. 5
EastMed Corridor contribution to EU security of supply EastMed Corridor development supports EU energy security: via diversification of the sources and the routes of supply; ensuring the development of domestic resources; realizing an European direct connection with extra EU neighboring resources . European European Market Market Cyprus Cyprus Sources Sources Levantine Levantine Basin Basin EASTMED CORRIDOR EASTMED CORRIDOR Israel Israel Sources Sources The EastMed Corridor represents the sole available option for exporting Eastern Mediterranean gas directly to the European markets 6
Conclusions IGI Poseidon acts today as a significant infrastructure development company , promoting a portfolio of three PCI projects, Poseidon, IGB and EastMed, that will contribute in a substantial manner to meet EU supply security objectives in fully compliance with European acquis. The development activities of the EastMed pipeline target to assess , by 2016, the project competitiveness and economic viability of such export option , in order to: promote the development of the East Mediterranean reserves and relevant upstream facilities , providing access to a reliable and significant export market; contribute to European energy security and diversification, assuring a direct access route to emerging Eastern Mediterranean resources. 7
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