Hydrocarbons Present Three-Pronged Benefits |
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Benefits from the hydrocarbon reserves discovered in
Cyprus’ Exclusive Economic Zone (EEZ) will be three-pronged, Energy
Minister Yiorgos Lakkotrypis has stated.
Speaking to the press, Lakkotrypis clarified that short-term benefits are expected from the hydrocarbons operating in the energy industry, medium-term prospects from the exploitation of hydrocarbon reserves, and, finally, long-term prospects are expected stemming from the creation of a knowledge-based industry.
“What we envision is not to stay in oil and gas per se, but also to create a knowledge-based economy around the oil and gas industry,” Lakkotrypis explained.
“What we want to do in the longer term is to be able to export this knowledge, because the gas might be there now, and the oil might be there now, but it is not going to be there for ever,” he said.
Furthermore, Lakkotrypis said the exploration activity in the Cyprus’ EEZ will continue in the summer of 2014.
“We are moving ahead with more explorations this summer,” he stated, adding that “we hope by the end of the year to have more discoveries.”
Preliminary results of an appraisal well carried out by Houston-based Noble Energy for natural gas in Block 12 of Cyprus’ EEZ estimate the hydrocarbons reserve between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70% working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15%.
The ENI-KOGAS consortium has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus’ EEZ, while Total has signed a contract for blocks 10 and 11.
He reiterated that Cyprus has opted for a Natural Gas Liquefaction Plant (LNG terminal) contrary to various arguments that this option will be too expensive.
“Looking ahead, one must not only look at the cost of the infrastructure: an LNG provides a lot of flexibility it provides the best options,” Lakkotrypis concluded.
Speaking to the press, Lakkotrypis clarified that short-term benefits are expected from the hydrocarbons operating in the energy industry, medium-term prospects from the exploitation of hydrocarbon reserves, and, finally, long-term prospects are expected stemming from the creation of a knowledge-based industry.
“What we envision is not to stay in oil and gas per se, but also to create a knowledge-based economy around the oil and gas industry,” Lakkotrypis explained.
“What we want to do in the longer term is to be able to export this knowledge, because the gas might be there now, and the oil might be there now, but it is not going to be there for ever,” he said.
Furthermore, Lakkotrypis said the exploration activity in the Cyprus’ EEZ will continue in the summer of 2014.
“We are moving ahead with more explorations this summer,” he stated, adding that “we hope by the end of the year to have more discoveries.”
Preliminary results of an appraisal well carried out by Houston-based Noble Energy for natural gas in Block 12 of Cyprus’ EEZ estimate the hydrocarbons reserve between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70% working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15%.
The ENI-KOGAS consortium has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus’ EEZ, while Total has signed a contract for blocks 10 and 11.
He reiterated that Cyprus has opted for a Natural Gas Liquefaction Plant (LNG terminal) contrary to various arguments that this option will be too expensive.
“Looking ahead, one must not only look at the cost of the infrastructure: an LNG provides a lot of flexibility it provides the best options,” Lakkotrypis concluded.
Link to source: http://www.goldnews.com.cy/en/energy/hydrocarbons-present-three-pronged-benefits
