Block 6 development to be speeded up

Development of natural gas deposits in Block 6 licensed to consortium Eni-Total in Cyprus’ exclusive economic zone will proceed faster, Energy Minister Natasa Pilides said.

Pilides accompanied France’s Total vice president Laurent Vivier at a meeting with President Nicos Anastasiades on Monday.

“We discussed the company’s commitment and optimism concerning the Cypriot EEZ and the prospects for the supply of Europe with natural gas from Cyprus,” Pilides told reporters.

“As well as some plans (of TOTAL) to invest in significant renewable energy project to be made with some of the company’s associates in Cyprus, which will assist Cyprus very much to proceed with green transition.”

Italian energy giant Eni is the operator of Block 6, while Total has a 50% stake in hydrocarbon exploration.

“We are in discussions concerning development.

“It is still early to have a specific plan, but surely activity will continue concerning the actions to be made in 2023, and I believe the whole process will continue with fast steps,” Pilides said.

Two discoveries were announced in block 6 in 2022.

Cronos 1 with a natural deposit estimated at 2.5 trillion cubic feet (tcf), and Zeus 1 with an estimated natural gas deposit between 2 and 3 tcf.

ENI said it targets a “fast-track development of Block 6.”

Pilides said her ministry is in communication with the operator of the Aphrodite gas reservoir concerning its development plan.

“The development plan is at the final stages, and we will have news very soon.”

She said transporting Cypriot natural gas to Egypt’s LNG terminals remains the most plausible option but added that the ministry is in talks with the licensed companies regarding possible synergies.

About Total’s plans to invest in a solar park in Cyprus, Pilides said the project concerns a large photovoltaic plant but did not elaborate.

“This project is expected to cover a significant percentage of renewable energy in Cyprus’ total energy mix.”