Cyprus' hydrocarbon plans proceed without delay

Cyprus' plans for the exploration of hydrocarbon reserves, located off the island's shores, are proceeding without delay, Energy Minister Giorgos Lakkotrypis reiterated recently.

“We are trying to speed up exploratory drilling by several months, but there are no shortcuts” the Minister told the press, after a meeting with American investors.

So far Cyprus has signed contracts with US Noble Energy on block 12, and French energy giant TOTAL on blocks 10 and 11. Italian heavyweights ENI and KOGAS were given concessions over block 2 and 3 and 9. Exploration activity in block 12 revealed estimated gross mean resources of 5 trillion cubic feet (tcf).

The government aims at starting new exploratory drilling off the island’s shores in the second half of 2014 by ENI/KOGAS and in 2015 by Noble Energy and French Total.

Lakkotrypis said that “certainly by the end of the year we will have some early indications” as to new hydrocarbon reserves located in the island’s Exclusive Economic Zone.

Source: Famagusta Gazette