Filenews 14 December 2024
Patience until drilling takes place at the "Electra" target, recommends the Minister of Energy, Commerce and Industry George Papanastasiou.
Asked by CNA if he confirms what is noted in an analysis of the specialized gas survey "Middle East Economic Survey" (MEES), the Minister said "we will have to wait for the drilling to take place because the studies may show some optimistic geological structures, but if we do not drill we cannot know exactly what exists".
It is noted that in an article in MEES titled "Cyprus hopes for a major Exxon discovery in the "Electra" target, which will revive the country's natural gas sector", it is reported that ExxonMobil believes that the upcoming drilling at the "Electra" target in block 5 of Cyprus will detect up to 30 tcf (trillion cubic feet) of natural gas. That would rival Egypt's Zohr and Israel's Leviathan as the largest find in an area that the U.S. ranks alongside Guyana as the largest new hydrocarbon region of the past 30 years, the analysis added.
It is also reported that Exxon was given the Cypriot blocks 10 and 5 Cyprus. It has since added three major Egyptian blocks of the Mediterranean, with QatarEnergy (40%) partnering with Exxon (60%) across all key areas in both countries. And with Glafkos being the only find to date considered marginally commercial — an initial estimate of 5-8 tcf reserves was revised to 3.2 tcf following a 2022 appraisal drilling — Exxon considers the upcoming drilling important for its future role in the region.
Exxon and QatarEnergy plan to drill a total of three wells by mid-2025 using the Valaris DS-9 drilling rig.
The article refers to the Nefertari-1 target in an Egyptian field, where drilling is due to begin in the coming days and last about a month. But, he notes, drilling at Electra, in Cypriot block 5, which is scheduled to start in mid-January immediately after Nefertari, has the potential to be a much larger find.
"All the ingredients appear to be there" for a gas discovery of "25-30 tcf," a source involved in the drilling told MEES, adding that "we are cautiously optimistic."
MEES reports that according to its information, Exxon and QatarEnergy's decision to drill in the southern part of block 5 is linked to Turkey's claims.
The presence of QatarEnergy, given the close ties between Doha and Ankara, is a potential deterrent against any possible Turkish harassment of ships on the high seas in Cyprus.
If Exxon makes a breakthrough at the Electra target, even one substantially smaller than the pre-drilling estimate, then plans for a liquefaction plant in Vasilikos could be revived.
Local interest in Cyprus' natural gas wealth has declined in recent years, following the discovery at Aphrodite in 2011. Exxon's Electra and positive developments regarding Saturn and Venus could revive those hopes in the coming months, he says.
CNA
