Within the next 3-4 years, the fields that matter will take their course, noted the Director General of the Cyprus Hydrocarbons Company (CYC) Diogenis Angelidis, speaking at the 11th Energy Symposium entitled Cyprus: Energy projects time.
Any difficulties, he assured, are not going to stop them and as he mentioned with a little patience and good practices they will be able to develop the deposits properly. currently under evaluation, ready for further development. He said that in the next four to five years, three to five final investment decisions are expected, which will open doors to accelerate natural gas targets.
He highlighted the huge financial commitment associated with these projects, with investments ranging from one to ten billion dollars to develop a single piece. Mr. Angelidis emphasized that the approach of these projects should be long-term, given their extended life cycle, which extends from two to over thirty years.
He noted that the unpredictability of the energy market requires a resilience in decisions to forecast effectively. He outlined several factors of critical importance such as maximizing the recovery of natural resources by ensuring that capital is effectively allocated based on the particular characteristics of each field.
Another key factor, he said, is timely development and production . Holding the licensed companies accountable for their commitments and ensuring that promises are fulfilled within the specified time frames is key to the project's success, he said.
Mr. Angelidis also emphasized the importance of providing benefits to the domestic economy, such as securing energy supply, cultivating infrastructure and reducing the cost of living for the island's residents. He also emphasized the importance of achieving a fair distribution of revenue between the Republic and investors, along with a fair distribution of costs, risks and benefits.
Regarding market entry, Mr. Angelidis emphasized that the project success depends on market conditions. He expressed optimism that future liquefied natural gas projects will meet demand within a critical time frame.
Mr. Angelides acknowledged the complexity of the energy environment, but expressed the belief that “creative solutions exist.” Those options, he said, include exports to Egypt and other European markets, including FLNG exports and pipeline options. Synergies and partnerships, as he said, are critical elements of success.