He was referring to the announcement last week that initial drilling at the Onasagoras prospect in Block 9 had come up with no exploitable gas reserves.

Anastasiades cited several cases worldwide where initial drills at prospective sites were a dud, but where follow-up prospecting subsequently hit the jackpot.

By way of example, he mentioned a large gas field off the coast of Norway, where he said substantial gas reserves were discovered on the fourth try.

Likewise, Anastasiades said, initial prospecting at Israel’s Leviathan and Tamar fields did not point to encouraging results, but this was later reversed through major gas finds there.

“Therefore we are not disappointed, although this does not mean that we should cultivate irrational expectations either,” the President said.

Anastasiades also told reporters that the government has not shelved plans for an onshore LNG facility.

“The (LNG) terminal is a decision that remains on the table, but it is a decision under certain conditions,” he said.

“When the decision was taken for the terminal, the information and data at the time pointed to rich reserves, which permitted raising capital and drawing investment,” he noted.

So far, Cyprus’ proven natural gas reserves offshore have been limited to a field in Block 12, where US company Noble Energy has discovered between 3.6 trillion and 6 trillion cubic feet of gas – not enough for a land-based liquefaction facility.

Source: Cyprus Mail