DEPA International Works: DNV further confirms the feasibility and maturity of the EastMed pipeline

On June 10, 2022, DNV, an independent Risk Assurance and Risk Management Provider, further confirmed the feasibility of the EastMed Pipeline Project based on its evaluation of the FEED (Basic Advanced Planning) documents and the research data provided by SA This independent evaluation confirmed the technical maturity of the Project and the benefits of the timely involvement of offshore construction companies in the design activities, thanks to the competitive dialogue conducted under the ongoing bidding process.

In January 2020, following the evaluation of the results of the extensive planning and research conducted by IGI Poseidon during the period 2015-2019, called the “pre-FEED phase”, DNV issued a first Project Feasibility Report, which contained recommendations to be taken into account in the next FEED phase. As the Project completes FEED activities that included, among others, a recent route optimization and geophysical studies, DNV assessed the current status of the Project from a technical point of view and identified the points to be addressed in the next phase of implementation.

IGI Poseidon SA is currently completing the Project development activities and aims to meet the requirements for a positive Final Investment Decision (FID) by 2022.

This important step was achieved thanks to the efforts of the Project Implementing Agency and the continued support of the European Commission, despite the impact of the pandemic on 2020 activities.

In confirmation of the feasibility of the EastMed Pipeline, the following were mentioned:

Mr. Santiago BlancoExecutive Vice President and Regional Director for Southern Europe, the Middle East, Africa and Latin America, DNV Energy Systems – “Projects such as EastMed benefit from our extensive experience in technology development and inspection of large gas pipeline projects In recent decades, DNV has been involved in a number of highly successful projects, such as the Perdido Norte large-diameter pipeline and the Tahiti-Amberjack pipeline in the Gulf of Mexico, contributing to consolidation. and upgrading safety and integrity standards for offshore pipelines – which is why the majority of existing and new projects are designed to our standard. ”

Mr. Fabrizio MattanaCEO of IGI Poseidon – “The EastMed Pipeline, together with the Poseidon Pipeline, is the most mature project in the Mediterranean region, as it is now in the final design phase and will be commercially operational in 2027. It will connect directly Europe with gas fields in the Eastern Mediterranean basin, also creating opportunities for access to new hydrogen production facilities in the region.The project will provide Europe with a new gas supply route, complementary to LNG, enhancing energy security and “IGI Poseidon strongly believes in the importance of this implementation, in the interest of the European Community and the whole of the Eastern Mediterranean region.”

In the same context, Mr. Konstantinos XifarasChairman of the Board of IGI Poseidon added: Mediterranean with European markets, through a new energy corridor “.