Filenews 17 January 2023
Within the next few days, the Ministry of Energy expects the development plan for "Aphrodite", according to the Minister of Energy, Natasa Pilides, who was asked to comment on criticism that the Government has delayed the development of hydrocarbon deposits, replied that the government is not an investor, but promotes all actions through huge efforts so that the company can proceed with their contractual obligations.
"And I assure you that the companies are proceeding with their contractual obligations to the letter,"she added, adding that the Italian EMI has been active in Egypt since 1950 before proceeding with the exploitation of Egyptian deposits, for which infrastructure was needed.
"Chevron is entering the final stretch of development of Aphrodite where certainly the role of the Ministry is very crucial in making sure that the plan we expect within days will be a development plan that will be similar to the original or, in any case, will be advantageous and will return to the Republic of Cyprus the income that we are entitled to".
She also noted that the new drilling expected at "Aphrodite" within the first half of 2023, will demonstrate the exact quantities of the deposit, "so that the Republic of Cyprus knows exactly whether the exploitation will be done in the best possible way".
Ms. Pilides said that she characterized as a particularly positive event the proximity of blocks 6 and 7 to 5 and 10 and added that for this purpose the government has opened the discussion with companies about possible synergies which will be institutionalized through the creation of a forum in which this issue will be discussed monthly to take advantage of the synergies that arise.
Possible synergies
When asked about the possible synergies, Ms. Pilides referred to savings such as the use of a drilling rig that reaches the area for a borehole and for drilling another company, as well as to common infrastructure, which can be used for various deposits.
However, she stressed that "both the companies and ourselves agree that we will not be consumed in discussions about projects that delay the development plan", adding that the concern is to utilize our natural resources as soon as possible.
Regarding the solution of a floating terminal for the exploitation of Cypriot deposits (FPSO), Mrs. Pilides said that we are very positive in considering this possibility and we have asked for it to be examined because it upgrades the role of Cyprus itself in the field of exploitation and export to European destinations.
In response to a question, she said that the issue of the floating terminal will be considered in the preparation of the development plan of the EMI which is also considering this possibility. But she noted that the EMI has gas transmission facilities in Egypt.
