Cyprus & World News

CYPRUS: ENI/KOGAS to start exploratory drilling “very soon”

04 September, 2014

In blocks 2, 3 and 9 of Cyprus` Exclusive Economic Zone

Τhe Italian-Korean consortium ENI / KOGAS will start exploratory drilling very soon in blocks 2, 3 and 9 of Cyprus` Exclusive Economic Zone (EEZ), Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis announced on Thursday.

In today`s statements, Lakkotrypis said that to this end a NAVTEX (Navigational Telex) was issued yesterday.

Speaking to the press following an event held here today, Minister said that the drilling program will last 12 to 18 months depending on the findings, each drilling will last approximately 80 days, its depth will be about 5 to 5500 meters and that there will be at least four drillings.

Minister also announced that on Monday he will be visiting Jordan where he will have private meetings with the Minister of Energy, the Minister of Tourism and Minister of Commerce of the country.

As he explained, his meeting with the Jordanian Minister of Commerce will be taking place in the context of the efforts to find new markets for Cypriot products which were hit by the Russian embargo, while his meeting with the Minister of Tourism aims to improve relations and tourism contacts between the two countries.

As far as the meeting with the Minister of Energy is concerned, Lakkotrypis said that its objective is to to find a way of working closely together in the tourist sector.

In reply to a question, Minister made it clear that Israel – Jordan natural gas deal would not affect Cyprus natural gas plans.

Asked about ENI / KOGAS drilling, Lakkotrypis said "we are very close to start drilling”, adding that a NAVTEX (Navigational Telex) was issued yesterday for this purpose.

So far US Noble Energy discovered a gross natural gas reservoir of 4 trillion cubic feet in block 12. However this reserve is not consider sufficient to sustain an onshore LNG plant.

French giant TOTAL is expected to begin exploration activity in blocks 10 and 11 in the second half of 2015.