The study, which started around two months ago will determine the technical and financial elements of installing a natural gas pipeline from Aphrodite (block 12) to the shores of Egypt, either for domestic consumption or for other markets, he said.
The study is being carried out by the Cyprus National Hydrocarbons Company (CNHC) and Egypt’s EGAS.
The next step would be establishing trade agreements that are currently “being negotiated” between the block 12 consortium, CNHC, and EGAS.
In late 2011, US-based Noble Energy announced estimated gross mean resources of 5 Tcf for the Aphrodite gas field.
Noble has a 70% working interest, while Delek Drilling and Avner Oil Exploration each hold 15% stakes.
In the next few days, the ministry will provide feedback while “there are discussions on a corporate level for the sale of natural gas to Egypt with a number of companies,” Lakkotrypis said. He added that decisions should be expected in the next few months.
Asked whether the sale price is expected to be discussed soon, he said it was a matter that along with other terms such as the funds and credit ratings of the buyer, were of great importance that will be agreed on.
Less than two weeks ago, Egyptian media reported that Egypt completed a feasibility study into natural gas imports from Cyprus and the results were being reviewed by EGAS.
EGAS Chairman Khalid Abdul-Badi told Al-Bosra newspaper that the quantities to be imported amount to roughly 700 mcf/d of gas, and are expected to begin in 2018.
Source: Cyprus Mail