Cyprus Energy Minister Yiorgos Lakkotrypis said today that “Cyprus’ number one priority is to further deepen and expand exploration activities, in order to identify the natural gas resources that lie in the country’s exclusive economic zone.”
Addressing a Nicosia-based Summit organised by The Economist, Lakkotrypis referred to opportunities for further gas discoveries in the area, saying they amount to 2,000bcm (billion cubic metres). In comparison, “Europe consumed 430bcm last year,” he added.
The Energy Minister also referred to the Zhor reservoir discovery by ENI, off Egypt’s coast, noting that “it marked the potential and possibilities existing for Cyprus and the region.”
He also added that “Israel is launching another licensing round this month.”
Speaking about the challenges ahead, Lakkotrypis mentioned technical issues and falling oil prices. “Cyprus is working to represent the EU in the Eastern Mediterranean and vice versa,” he commented, also mentioning the “potential for cooperation at a quadrilateral level while developing resources.”
ENERGY INDEPENDENCE
Paolo Scaroni, Rothschild Group’s Deputy Chairman, and former ENI CEO, added that “in order for Europe to become a political union, it has to become energy independent first.”
Scaroni added: “Energy independence is like political independence,” also referring to the potential for Israel, Cyprus and Egypt to provide “alternatives routes that will secure energy security for Europe.”
The ex-ENI boss outlined that “all three countries provide strategic alternative routes, however there are challenges, like the infrastructure that needs to be built or the political complexities that exist, including the question of Cyprus’ political settlement.”
SELF-SUFFICIENT ENERGY
Yaniv Friedman, Deputy CEO at Delek Drilling/Avner Oil added during his speech that “Israel has transformed itself from an importer of energy to almost become energy self-sufficient.”
Friedman said that “today, 60 per cent of Israel`s energy is coming from the Tamar discovery.”
He closed his statement by referring to the impact Cyprus’ Aphrodite gas field could have on the island’s economy.
Source: CNA English
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