Cyprus & World News

Two natgas drills in the Cypriot Exclusive Economic Zone

02 April, 2014

Government efforts focus on accelerating the process of exploiting hydrocarbons in the Cypriot Exclusive Economic Zone, Energy Minister Giorgos Lakkotrypis said yesterday, adding that two exploratory drilling are expected to take place in 2014 and one more in 2015.
He said there were encouraging prospects and called for patience.

In statements in the southern coastal town of Limassol, Lakkotrypis noted that two companies, the Italian-South Korean consortium ENI/KOGAS and Noble Energy, are expected within 2014 to drill exploratory wells in EEZ blocks licensed to each. French Total is expected to follow in 2015.
The Minister added that Texas-based Noble will conduct another exploratory drilling for a potential field, besides the already-confirmed “Aphrodite” field.

At the same time, Lakkotrypis went on to say, the government proceeds with the negotiations concerning the LNG terminal at Vassiliko, in the south-eastern coast of Cyprus.
We are negotiating presently with the block 12 consortium, headed by Noble, with an aim to reach a project agreement, governing the terminal`s operation, the Minister said.

Noble Energy has received a license to explore for hydrocarbons in an offshore field, south of Cyprus, known as block 12, along with venture partners Delek and Avner.
Lakkotrypis said that the research and exploitation process for natural gas takes a significant amount of time, in contrast to oil which is more immediate and called for patience.

Cyprus is currently developing its natural resources discovered within the Republic’s EEZ, while several international companies are involved in hydrocarbon exploration and exploitation activities.