articles | 19 February 2015

Cyprus expects NatGas in 2020

Noble Energy predict that it could take between six and eight years for gas to be drilled out of the Aphrodite gas field in Cyprus’ Exclusive Economic Zone (EEZ).

The US firm is expected to hand over its findings and estimates an official report to the Energy Minister Giorgos Lakkotrypis in a couple of weeks, in which the final plans for the Aphrodite block will be detailed.

It is expected to take six to eight years for any gas to reach the surface at the Aphrodite gas field, and Noble will outline detailed information in its report, including almost certainly a pipeline infrastructure between Aphrodite and Egypt as well as commercial value prospects for the natural resource, according to the press.

Noble 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.

Cyprus and Egypt signed on Monday a Memorandum of Understanding on energy issues, which could see the island supplying its neighbour with gas.

The agreement aims to facilitate cooperation in the development and exploitation of the Aphrodite gas field in Cyprus’ EEZ utilising Egypt’s existing infrastructure.

It is estimated that Cyprus will begin collecting revenue from this enterprise shortly after 2020, based on current estimates. Cyprus has ambitions of becoming a regional gas hub in the Eastern Mediterranean.

Source: InCyprus

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