US giant ExxonMobil has begun exploration for oil and gas in block 10 of Cyprus’ Exclusive Economic Zone (EEZ), Energy Minister George Lakkotrypis said on Friday.
Lakkotrypis confirmed test drilling has started offshore Cyprus following a meeting with US Assistant Secretary of State for Energy Resources Francis Fannon in Nicosia.
Fannon is on a regional tour – that includes Israel and Egypt - to meet officials and private sector representatives to discuss energy security and regional cooperation on energy issues.
“His trip will highlight the economic opportunities in the energy sector for Eastern Mediterranean gas development and related exports and encourage discussions on how countries can harness this potential for increased regional stability and economic growth,” the State Department said.
Lakkotrypis said he discussed Cyprus-US energy cooperation, East Med hydrocarbons potential and the strategic significance of US companies active in the Cypriot EEZ.
ExxonMobil has been awarded, together with Qatar Petroleum, the exploration/ exploitation licence in block 10 of Cyprus’ EEZ.
Cyprus has informed mariners about the drilling operations of Stena IceMax at the “Delphini” target.
A safety zone of 500 meters has been established around Stena IceMax drill platform and entering this area is prohibited for any reason.
The Navtex is valid until February 25, 2019.
Turkey has cautioned international oil companies not to drill for hydrocarbons off Cyprus or it will retaliate.
Turkish President Recep Tayyip Erdogan has warned foreign energy companies not to "overstep the mark" in disputed waters off the Cypriot coast.
The Italian state-controlled ENI had to abandon a scheduled drill for gas south of Cyprus in February due to a standoff with Turkish naval ships blocking the way of a drillship.
Texas-based Noble Energy in 2011 made the first discovery off Cyprus in the Aphrodite block estimated to contain around 4.5 trillion cubic feet of gas – it has yet to be commercialised.
The discovery of nearby Egypt’s huge Zohr offshore reservoir in 2015 has stoked interest that Cypriot waters hold the same riches.
Cyprus aims for natural gas to start flowing to Egypt’s LNG facility in 2022, therefore generating its first revenue from natural gas in the same year.
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