Where will it end up and especially how will the Cypriot natural gas be utilized if it finally manages to break free from the bowels of the Eastern Mediterranean? Last week, two candidates for the presidency of the Republic, Averof Neophytou and Andreas Mavrogiannis, made some interesting statements, while the Minister of Energy of the Republic of Cyprus, Natasa Peleidou, addressed the meeting of the “Forum of Natural Resources”. of which he presides.
Cyprus discovered the first gas field in 2011 with the drilling of Noble Energy on plot 12. Other drilling by EMI, TOTAL and EXXON followed. The results were not very encouraging, the speed of drilling was criminally slow, and over time prices fell dramatically. Cyprus currently has no proven reserves to declare, as confirmatory drilling is still pending. Par & # 8217; all this, and according to estimates of several companies, Cyprus could in the coming years allocate around 10-12 trillion. cubic feet of natural gas, if some necessary infrastructure emerges.
These quantities, if they could be exploited, are huge for the internal market of Cyprus, so they are also offered for exports. To make this possible, of course, synergies with neighboring countries are needed. Israel has about 35 trillion. cubic feet, Egypt around 110 trillion. cubic feet and some drilling is expected in the Lebanese EEZ.
More on the issue in the printed version of “P” and for the subscribers of CITIZEN PREMIUM from 05.00 in the morning.
