In statements in Larnaka, on the sidelines of the drill ‘NEMESIS 2014’, Lakkotrypis replying to a question said: “At the moment we need more natural gas in order to proceed with our plans for the creation of the LNG plant at Vasilikos.”

“It seems that we are in a good position and I hope to be able to proceed with announcements soon,” he concluded.

Preliminary results of an appraisal well carried out by Houston-based Noble Energy for natural gas in Block 12 of Cyprus’ Exclusive Economic Zone estimate the hydrocarbon reserve between 3.6tcf and 6tcf with a gross mean resource of 5tcf.

Noble Energy operates Block 12 with a 70% working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15%. Total E&P Cyprus Ltd has been granted a license for seismic exploration for oil and gas in block 10 and in parts of blocks 6, 7 and 11 of Cyprus’ EEZ.

Source: Famagusta Gazette