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Risk, be it financial, political or military, is and has been inherent within the oil industries' activities. The oil majors have learnt this the hard way through numerous cases where they experienced these risks materialising, eliminating the value of their investments in the process. Nevertheless, as in most industries, the risks are justified by the benefits and in the case of big oil & gas, experience shows that the benefits are high.
The European Commission recently marked as a Project of Common Interest (PCI) the pipeline that will link the Greek and Cypriot deposits (East Med Pipeline), lifting the hopes of both Athens and Nicosia about the possibilities of seeing this project materialising.
The project seeks the construction a pipeline connecting the Leviathan field offshore Israel, to Cyprus and the eastern part of the Island of Crete in Greece. In order to connect the supply of this pipeline to the EU market alternate routes were discussed, including connections from Crete to the Trans-Adriatic Pipeline (TAP), the Interconnector Greece-Bulgaria (IGB) and the Revythousa LNG terminal close to Athens.