Cyprus: New gas discovery offshore considered non-profitable

13/09/2017 15:40 Natural Gas

news

Eni and Total have found gas while drilling offshore Cyprus near the giant Zohr gas field discovery in Egypt waters, but the anticipated quantity of the recently discovered field is too small to develop on its own, as stated by Cypriot Energy Minister Yiorgos Lakkotrypis on Tuesday.

 

According to Associated Press the foreseen quantity of gas to be pulled out doesn’t exceed 0.5 trillion cubic feet of gas.

 

The Cypriot Energy Minister stated that there were no any disillusionments regarding the drilling results because it could serve as a good tip for the future explorations. 


Total E&P Cyprus and Eni Cyprus Limited began to drill at the “Onesiphoros West 1” well on July 12. The work was supposed to be concluded within 75 days.

 

Both exploring companies are to notify Cyprus within 30 days if they intend to continue drilling in the authorised area.

 


According to the minister, even if an insignificant quantity of gas has been found, the result shows that there is a high chance to discover larger amount in the neighbourhood. 


A contract on further exploration actions in the Cyprus exclusive economic zone between Cyprus and Total was inked in March 2015.

 


A bit earlier this year has been cut a deal on exploration and production between Exxon Mobil, Qatar Petroleum and the Cyprus government, which will authorise drilling in one of the blocks offshore Cyprus in 2018.  

EU more reliant on Russian gas despite diversification efforts

15/01/2018 11:09:00

Russian major energy company Gazprom, supplied Europe with record amount of gas, despite cold diplomatic relations between Russia and the European Union.

<READ MORE

Daily (15.01.2018): UK day-ahead gas contract surged by 2.3% on Friday due to higher demand

15/01/2018 10:05:00

Oil prices surged on Friday, remaining on track for a fourth consecutive week of gains, bolstered by a drawdown in U.S. inventories and a pullback in production, combined with steady demand and the extension of OPEC’s global supply cut deal.

READ MORE

Turkey's National Energy Efficiency Plan welcomed by EBRD

12/01/2018 16:10:00

The European Bank for Reconstruction and Development (ERD) salutes Turkey's National Energy Efficiency Action Plan (NEEAP). It has as a target to reduce 14 percent of primary energy consumption by 2023 and invest almost $11 billion in energy efficiency measures.

READ MORE