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Min. Energy: Milestone year for “Venus” in 2023

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Mr. Papanastasiou said that on Wednesday the consortium of Chevron, Shell and NewMed Energy submitted to the Ministry the revised Development and Production Plan for the “Aphrodite” field

Υπ. ΕνΕργεια&sigma ;: Eτος ορoσημο για το «Αφροδτη» τ ο 2023

Undoubtedly, 2023 is a milestone year for the “Aphrodite” field, since the licensee will have to make important decisions for its development, in accordance with its contractual obligations, stated the Minister of Energy, Trade and Industry Giorgos Papanastasiou.

< p class="text-paragraph">He was speaking at a Conference of the Energy Committee of the Cyprus Academy of Sciences, Letters and Arts, on the topic of natural gas and Renewable Energy Sources (RES).

Mr. Papanastasiou said that on Wednesday, May 31, the consortium of Chevron, Shell and NewMed Energy submitted to the Ministry of Energy the revised Development and Production Plan for the “Aphrodite” field. According to the consortium, as he pointed out, the purpose of the review that began after the acquisition of Noble Energy by Chevron, is to optimize the Development Plan, utilizing synergies with other infrastructures, which are located in Egypt.

“The Ministry of Energy will carefully study the proposal of the consortium, for comment and consultations with the aim of reaching a final and mutually acceptable text. In any case, the final approval will come from the Republic of Cyprus,” he noted.

He added that in the meantime, the Consortium has started drilling the appraisal well at the “Aphrodite” deposit. , which will be completed during the summer and is expected to provide important information about the deposit that will help, among other things, in the formulation of the Development and Production Plan.

Window of opportunity the increased energy values

At the same time, the Minister said that the increase in energy prices to unprecedented levels, especially in Europe, constitute a favorable environment for the development of the natural gas fields discovered in the Cyprus Exclusive Economic Zone (EEZ).

“The window of opportunity that has been presented will not be open for long and, for this reason, we should, in cooperation with the companies operating within our EEZ, move quickly and decisively with the implementation of our research program and the development of existing and future gas discoveries”, he noted.

Regarding the upcoming drillings he said that the consortium of Eni and TotalEnergies, intend to drill an appraisal well in the discovery “Saturn » late 2023, early 2024.

In the remaining licensed Blocks, he said, the licensees in the Cypriot EEZ are proceeding with their research program, which is expected to culminate in the next 2-3 years, expressing the hope that they will lead to new discoveries, increasing the energy potential of our country.< /p>

Awaiting concrete proposals from companies for the pipeline from the Eastern Mediterranean

Stating that the Government is redefining its energy strategy, he explained the alternative proposal that the Government put to industrial companies for importing natural gas into Cyprus for power generation purposes through a pipeline, with the natural gas coming from fields in the Eastern Mediterranean and perhaps also from the Cypriot deposits. This gas, he added, will be secured at the prices sold in the region and will be used both for power generation and for liquefaction and export to Europe and elsewhere.

He emphasized that the primary goal is to reduce the cost of electricity in Cyprus and, secondly, the security of the country's energy supply, while he noted that for this purpose the Government is redefining its energy strategy.

“We are convinced that these infrastructures will incentivize gas producers in the Eastern Mediterranean to use them to transport it to Cyprus, where it will be liquefied for export as LNG to Europe and global markets,” he said.

At the same time, he referred to the consultations that exist with Israel on the subject and to the workshop that took place last Monday and Tuesday in Nicosia to present this perspective to the companies.

“I have to say that the initial reaction of the participants was positive and we expect them to come back soon with specific thoughts and proposals, but also with an official expression of interest in participating in such a project,” he said.

At the same time, he mentioned that natural gas will also play an important role in the green transition, as a bridge fuel.

He noted that for the green and circular economy, the Ministry of Energy, Trade and Industry has secure a total of approximately 590 million euros for the Programming Period 2021 – 2027, which will be used, mainly, to grant financial incentives to households, businesses and public bodies, to invest in RES and Energy Efficiency measures.

Challenges in the penetration of RES in power generation

The Minister mentioned that in power generation, although the share of RES increased by 2.8 percentage points within a year, reaching 14, 8%, however the interim target of 15.8% was not achieved. One of the main reasons that the electricity generation target was not achieved, he explained, was the increase in energy consumption by 5.6%, compared to 2020.

“The early penetration of RES in power generation therefore faces particular challenges, due to the small size and isolation of the market, the absence of storage systems as well as seasonal demand,” he said.

He added that to address these challenges, a fund of €100 million has been included to expand, upgrade and digitize networks through the massive deployment of smart meters. In addition, he said, for the creation of energy storage infrastructure, Cyprus has secured a €40 million fund from the Just Transition Fund, while in order to remove Cyprus's energy isolation, the €100 million financing of the “EuroAsia Interconnector” project, the electrical interconnection of Cyprus, Greece and Israel.

All the aforementioned projects, he noted, can make Cyprus a producer of green energy and a hub for the transfer of hydrogen and/or electricity from RES.< /p>

Source: www.kathimerini.com.cy

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