Industryweek 7121 Cyprus Mediterranean Map
Industryweek 7121 Cyprus Mediterranean Map
Industryweek 7121 Cyprus Mediterranean Map
Industryweek 7121 Cyprus Mediterranean Map
Industryweek 7121 Cyprus Mediterranean Map

Cyprus in Gas Exploration Deal with ENI, Kogas

July 30, 2014
Cyprus signs a memorandum of understanding with Italian-Korean energy consortium ENI-Kogas to drill for possible offshore gas resources.

NICOSIA, Cyprus -- Cyprus signed a memorandum of understanding Wednesday with Italian-Korean energy consortium ENI-Kogas to drill for possible offshore gas resources.

Italy's ENI (IW 1000/15) holds an 80% stake in exploiting Blocks 2, 3 and 9 of Cyprus's Exclusive Economic Zone, while South Korea's Kogas holds the balance.

Cyprus Energy Minister George Lakkotrypis told reporters drilling would begin before the summer's end.

He said the signing confirms the government's commitment to building an onshore terminal if viable, but proven reserves found so far are not enough.

U.S. firm Noble Energy (IW 500/204) (NBL) made the first find off Cyprus's southeast coast in 2011 in the Aphrodite field, which is estimated to contain between 3.6 trillion and 6 trillion cubic feet of gas.

Lakkotrypis said the land terminal would be the "optimal solution for the development of potential deposits, provided of course we find more quantities of natural gas."

"Such activities involve a large element of uncertainty," he added. "There are encouraging signs for potential deposits. If we do not drill, we can't be sure about the existence nor the quantities or quality of gas."

Cyprus has ambitions of becoming a regional gas hub, both for its own consumption and for exports to Israel and perhaps Lebanon.

Cyprus plans to build a liquefied natural gas factory at Vassiliko, near the southern coastal city of Limassol, that would allow exports by ship to Asia and Europe.

The government has commissioned Noble, with its Israeli partners Delek and Avner, as well as France's Total (IW 1000/9), to carry out feasibility studies for a plant.

Total, which is also looking for oil, will exploit blocks 10 and 11 from 2015.

Cyprus is hoping to export its gas, and maybe oil, by 2020.

Copyright Agence France-Presse, 2014

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

Adopting an Open Ecosystem: The Way Forward for Frontline Operations

March 11, 2024
Today's manufacturing tech stack thrives on connectivity, integrating new and legacy players for a seamless operation - not on monolithic systems. Embrace the future of frontline...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!