In August 2015, 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 gas find is estimated at 30 trillion cubic feet (tcf) or 850 billion cubic metres, compared with around 4.7 tcf estimated for Cyprus’ Aphrodite field in Block 12.

Last Friday the Italian energy company ENI said that the Zohr find was “a single and continuous mega tank of natural gas, fully comprised in the Egyptian Exclusive Economic Zone (EEZ) and within the Shorouk Block”.

On Wednesday Lakkotrypis was reported as saying that the Zohr find may have its roots in Cyprus’ Eratosthenes. This renewed speculation that some of the Zohr gas might fall into the Cyprus EEZ.

However, energy consultant Charles Ellinas explained that the minister was not referring to the gas, but the under-water geological formations.

“The carbonate formation that contains Zohr extends into Cyprus and around mount Eratosthenes,” he said.

“But the Zohr gas field is completely contained within Egypt’s EEZ”.

He added that there are good indications that the carbonate formations within the Cyprus EEZ are possibly gas-bearing and with credible drilling targets but “we need to drill to be sure that there is gas”.

A new licensing round can help this but in a highly depressed oil and gas market timing is important to ensure success, he explained.

ENI has said that it expected the first Zohr gas to come online at the end of next year or early 2018.

Source: Incyprus