articles | 02 February 2016

Cyprus seeks joint decision on energy

President Nicos Anastasiades will be seeking a joint decision which would also involve all the political parties with regards to Cyprus’ next move in the field of energy.

According to recent reports in the press, President Anastasiades informed the party leaders during Monday’s National Council that he had held high-level talks with several energy and gas firms during his recent trip to the World Economic Forum in Davos adding that the next move will be crucial.

Therecent gas strike in the Zohr field – which is in Egypt’s Exclusive Economic Zone (EEZ) – lies just shy of the island’s Aphrodite field, prompting interest from several energy firms. President Anastasiades went on to inform the party leaders that the matter would re-visited soon and that their input would be sought.

Last August, ENI made a mammoth natural gas find off Egypt’s coast, which was a game changer in the industry but also renewed interest for the Eastern Mediterranean region.

The Zohr discovery has an estimated 850 billion cubic metres – or 5.5 billion barrels of oil equivalent in place – a potentially massive boost for a country that faces a natural gas deficit. Eni said that it expects the first gas to come online at the end of next year or early 2018.

Source: InCyprus

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