A feasibility study commissioned by the European Union has determined that the cost of laying a natural gas pipeline from the Leviathan offshore gas field via Cyprus to Greece would come to approximately $5.7 billion, Globes reported on Thursday.
After tagging the pipeline idea as a Project of Common Interest (PCI), the EU Commission decided to sponsor the study. Officials received it positively and agreed to move ahead with planning.
The pipeline would carry natural gas from fields in both Israel and Cyprus and potential discoveries in Greece’s territorial waters.
The length of the pipeline examined in the feasibility study would be 808 miles from the Leviathan field to the Cypriot gas fields and Cyprus itself, 435 miles to Crete, and 250 miles to the Greek mainland.
The project could be expanded to include a link from southern to northern Greece, as well as from there to Bulgaria, representing an additional 400 and 120 miles respectively.
Greece currently consumes 2.5 billion cubic meters (BCM) of natural gas annually while Italy consumes 60-70 billion BCM and it could be the main destination for most of the gas in the planned pipeline.