Filenews 25 July 2022
The European Union's effort to further decarbonize Russian gas reinforces the strategic importance of exploration for deposits in Cyprus, the country's energy minister said.
"Europe is a good potential customer for Cypriot natural gas, as the EU has assured that natural gas will be a bridge fuel by 2049 as part of the green transition, so companies can now secure long-term contracts," Natasa Pilides stressed in an interview. In addition, "the EU seeks to disengage from Russian supplies regardless of when the war in Ukraine ends," she added.
As reported by Bloomberg, Chevron, along with partners Shell and Israeli Newmed Energy, has a drilling permit at the "Aphrodite" deposit and plans to proceed with additional drilling in early 2023. This deposit is estimated to contain 4.4 trillion cubic feet of natural gas and is located near the Leviathan deposit on the coast of Israel, which is co-exploited by Chevron and NewMed.
Chevron will present the final development plan for the Aphrodite deposit in Plot 12 of the Cypriot EEZ, by the end of 2022, with 2027 "being a realistic date for the production of natural gas", stressed Ms. Pilides. The options include either by interconnecting the "Aphrodite" deposit with already existing infrastructure in the area, or by a solution specifically involving the interconnection of "Aphrodite" with the LNG terminal of Idku in Egypt.
Natural gas exploration continues in other plots of land in the Cypriot EEZ. Next month, the results from the drilling of the Total/Eni joint venture on Plot 6 are expected. The Exxon Mobil/Qatar Petroleum consortium is launching seismographic surveys on Plots 5 and 10 which will be completed in early autumn.
Cyprus does not need much natural gas to meet domestic needs, which leaves more quantities available for export. "In addition to Europe, Asia is also a potential customer for Cypriot natural gas," Ms. Pilides noted.
Proposal for a pipeline
Cyprus also views positively the proposal of the Greek Energean for the construction of a pipeline about 200 kilometres long from Israel to Vasilikos, Cyprus, as reported by Ms. Pilides. Energean's plan foresees that the pipeline will be connected to a floating LNG plant, and exports are estimated at around 3.5 billion cubic metres per year.
Although clarifications are still needed on the amount of natural gas that the pipeline will carry, this proposal is another opportunity for Cyprus and the exploitation of the Cypriot deposits, Ms. Pilides said, to conclude. "We hope that the timetable for 2026 will be met."
Source: Capital.gr
