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Cyprus proceeds with onshore LNG terminal.

The Republic of Cyprus proceeds with its plans for a natural gas liquefaction terminal, Minister of Energy, Commerce, Industry and Tourism, Giorgos Lakkotrypis has said.

In statements Wednesday, Lakkotrypis said that Cyprus is also examining other alternatives, adding that any discussions between Turkish oil companies with the companies Nobel and Delek, do not affect Cyprus' plans.

"Discussions between Turkish companies and the consortium that operates on the part of Israel continue for some time now, this is not something new", the Minister said, adding that those discussions affect Israel and Turkey and not Cyprus.

As regards Cyprus, he said that the government is proceeding with its plans for a liquefied natural gas terminal (LNG), while preparing for other options to be ready for all possibilities.

He added that these options include an offshore liquefaction unit or cooperation with Egypt through a pipeline.

"The onshore LNG terminal remains our strategic goal", he stressed.

Preliminary results of a Noble Energy appraisal well for natural gas in Block 12 of Cyprus' Exclusive Economic Zone estimate the hydrocarbon reserves between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70 percent working interest.

Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent.

Last June the Cyprus government, Delek and Avner signed a Memorandum of Understanding (MoU) on the construction of a Liquefied Natural Gas (LNG) terminal in the Cyprus.

The ENI - KOGAS consortium, which has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus' EEZ, is planning to drill in the third quarter of 2014, while Total, which has signed a contract for blocks 10 and 11, is also proceeding with drilling at the first quarter of 2015.

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Publication:Financial Mirror (Cyprus)
Geographic Code:4EXCY
Date:Feb 20, 2014
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