The drilling is undertaken jointly by France’s oil and gas company Total and Italy’s ENI and the Onisiforos plot is estimated to hold 30 trillion cubic feet of natural gas.
ENI, has also requested licenses for plots 3, 6 and 8 of the Cyprus Exclusive Economic Zone and shall commence drilling once the results of the drill in the Onisiforos plot have been evaluated.
Furthermore, positive developments in the scenario of a cooperation in the energy field between Egypt and Israel is also beneficial for Cyprus.
Earlier this month, Egyptian President Abdel al-Sisi signed a law authorizing companies to move on to gas imports, which is expected to come into force later this year. The implications of the said law for Cyprus is that the country can promote its own natural gas to the liquefaction factories of the neighboring country.
It also worth noting that Cyprus has also suggested connecting the natural gas from the Israeli Leviathan plot to the Cypriot natural gas through a pipeline and then transfer it to Egypt from Cyprus, should any political issues arise.