Great expectations surround Cyprus' offshore gas

IHS Markit, one of the leading counsel houses in the world, estimates that Total’s block 11 in the Cyprus EEZ could compete with Egypt’s enormous Zohr deposit.

The report by IHS says that Total’s drilling of block 11 is among the most important to take place in 2017 globally.

Another significant point in the IHS Markit report is that, so far, the large players in the hydrocarbons market in the region are BP, ENI and Shell. A potential significant discovery by Total will introduce the French energy company into the region’s market.

Pipeline to Greece viable

The IHS Markit report goes on to confirm the EU-funded studies by Israel-Turkey-Cyprus which concluded that direct exports of natural gas via a pipeline to Greece are “potentially commercially viable”.

The report also points out that “the field of competition in the region has already started to change ahead of the expectation of new deposits”.

Source: InCyprus