articles | 02 March 2016

Cyprus to advance its energy strategy, says President

An important positive development for the monetisation of the Aphrodite oil and gas field offshore Cyprus has been agreed by the government between Houston-based Noble firm and energy giant BG.

This brings new impetus to the monetisation efforts of the Aphrodite field, President Nicos Anastasiades told participants at the 7th Mediterranean Oil & Gas Forum 2016, in Nicosia recently.

“Regarding the other licensees in the EEZ of Cyprus, we are very pleased that in January 2016 the consortium ENI/Kogas and the Government of Cyprus signed a two-year extension of the initial exploration phase for Blocks2, 3 and 9,” Anastasiades also said.

“In addition Total, the licensee of Block 11, has entered into the first two-year renewal of its Exploration License and it is anticipated that an exploration well in Block 11 will be drilled by the end of the year,” he added.

Anastasiades then stressed that these developments reaffirm and advance Cyprus’ energy prospects during a period in which the international oil and gas industry is experiencing challenging conditions.

ENI’s announcement of the world class gas ‘Zohr’ discovery offshore Egypt, confirms the important gas potential of the region, not only for exploration purposes but for investments as well, he said.

Organisers of the Forum are the Energy Stream Oil and Gas Strategies.

Source: InCyprus

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