Cyprus’ total potential natural gas capacity now between 11.7 tcf and 14 .7 tcf - IN-CYPRUS

23 AUGUST 2022

Annie Charalambous

TotalEnergies TTEF.PA of France and Italy’s Eni ENI.MI’s significant natural gas discovery at the Cronos-1 well off Cyprus raises the Mediterranean island’s total potential capacity between 11.7 tcf and 14 .7 tcf.

This is what Philenews reported on Tuesday, hours only after Eni said preliminary estimates indicate about 2.5 tcf of gas in place, with significant additional upside that will be investigated by a further exploration well in the area.

The island reported its first natural gas discovery, Aphrodite, in 2011, measuring around 4.5 trillion cubic feet (tcf) and now run by U.S. energy firm Chevron CVX.N.

Monday’s discovery marks the third offshore gas find reported in Cyprus, all of them still untapped.

And it comes as the European Union seeks alternative supply to Russian gas after Moscow’s February invasion of Ukraine.

Cyprus reaches deal with Noble on modifying gas contract – reports - CYPRUS MAIL

May 30, 2019

The government is said to have clinched a deal with the Aphrodite gas field stakeholders to modify the production sharing contract, with energy minister Giorgos Lakkotrypis expected to brief political parties next week.

Daily Politis reports that the government has reached an agreement revising the production sharing contract (PSC) with Noble Energy and its joint venture partners, Delek Group and Shell.

The key revision in the PSC will result in redistribution of profit, increasing the share of the joint venture when oil prices are low, but conversely, when global oil prices rise, Cyprus’ share will increase.

The government had pledged to keep the parties in the loop about the talks. The following week the energy minister will be meeting with representatives of the parties to gauge their reaction to the revised PSC.