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According to Anastasiades, the ongoing research into the gas finds as well as the results of the third licensing round for the Cyprus exclusive economic zone (EEZ) “will be a decisive factor in implementing the strategic objective of building an LNG terminal in Cyprus and convert it into an energy hub.”

In June 2015, Cyprus’ Ministry of Energy, Commerce, Industry and Tourism said that Noble Energy International, Delek Drilling and Avner Oil Exploration, holders of a license for the exploration of hydrocarbons in Block 12 of Cyprus’ Exclusive Economic Zone (EEZ), declared the Aphrodite”natural gas field commercially viable.

In August 2014, the Council of Ministers of Cyprus has given the green light to a specialized team to start negotiations with Eni-Kogas consortium and Total of France with the aim to reach agreements on LNG developments.

During the year, Eni-Kogas consortium has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus’ Exclusive Economic Zone while Total signed a contract for hydrocarbons exploration in blocks 10 and 11.

In January 2016, Cyprus extended the exploration phase for the Eni-Kogas consortium for an additional two years. Within the two years, the consortium intends to conclude studies aimed at identifying prospects necessary to complete the drilling obligations.

An LNG plant was planned to be built in Vasilikos, processing not only its own gas but also the supplies from Israel and potentially Lebanon.

Tag(s) : #Oil and Gas News
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