By Charles Ellinas
Total is at last off the blocks. After a number of delays and uncertainties the drilling rig is now at location. Cyprus is watching developments with great expectation.
Following the recent disappointments in Switzerland, a successful gas discovery by Total-Eni at the Onesiphoros prospect will certainly lift spirits. Drilling in Cyprus’ EEZ is entering a definitive period, with as many as four and possible seven wells to be drilled over the next 12 or so months.
But the inevitable euphoria that will come with discoveries should be tempered by the challenging global gas markets and prices. Finding gas is only the beginning of the process. We must also sell it to realise the benefits.
