19/03/2015
Cyprus ‘progressing’ towards gas production
Energy minister says country in talks with industry
Helen Tunnicliffe
CYPRUS’ minister of energy Yiorgos Lakkotrypis has told a conference that the country is “moving from the exploration to the exploitation phase of its natural resources.”
Speaking at the Eastern Mediterranean Gas Conference 2015 in Cyprus’ capital Nicosia, Lakkotrypis said that Keith Elliot, senior vice-president of Noble Energy, one of the companies exploring for oil in Cyprus’ waters, had met with the president of Cyprus. Elliot told the president that Noble is planning to declare the Aphrodite field commercially viable and submit a field development and production plan within a few weeks.
In recent times there has been much exploration for gas around Cyprus, by companies including Total, ENI, KOGAS, Noble and Delek and Avner, after gas was discovered by Noble in the Aphrodite field in 2011. Last year the Cypriot government signed a joint development and cooperation deal with the Egyptian government for the hydrocarbon assets, and is currently negotiating similar deals with Israel and Lebanon. In addition Cyprus Hydrocarbons Company (CHC) and the Egyptian Natural Gas Holding Company have agreed to examine technical solutions for the export of gas from block 12 of the Aphrodite field to Egypt via a pipeline.
Lakkotrypis said that Cyprus is ideally placed to facilitate cooperation in the exploitation of the Eastern Mediterranean hydrocarbon reserves, due to its geographical location near Europe, Asia and Africa, and as it enjoys good relationships with its neighbours.
“We are fully aware of the challenges related to oil prices and other external factors, and we are conscious that there is still a lot to be done, particularly in the area of commercial agreements. I assure you however, that we are in close cooperation with CHC and our partners in Block 12 and we are confident that we will be able to succeed in our joint efforts,” said Lakkotrypis.
Source: http://www.tcetoday.com/latest%20news/2015/march/cyprus-progressing-towards-gas-production.aspx#.VQws0tKUeuo
