The gas find in Glafcos (Glaucus) 1 well in Block 10 of the island’s exclusive economic zone (EEZ) is expected to yield large revenues, the energy minister Giorgos Lakkotrypis said on Wednesday.
Speaking at the Sixth Eastern Mediterranean Gas Conference in Nicosia, Lakkotrypis said in the coming weeks further work to confirm the ExxonMobil discovery, which was announced on 28 February to be between 5-8 trillion cubic feet (tcf), will be necessary.
Further discoveries in the Calypso well in Block 6 and in the Aphrodite well in Block 12 serve to paint an overall picture of the potential within the Cyprus EEZ, Lakkotrypis added.
Around five more drillings are expected to take place in the coming period with energy companies ENI and Total, he said, to confirm the natural gas stocks of the Calypso well and reassessing the capacity of Block 10.
Regarding the utilisation of the gas finds, he said that an announcement for Aphrodite is expected within weeks concerning the use of Egyptian terminals.
The utilisation of the remaining discoveries remains open to all options, including through the EastMed pipeline, the creation of a land or floating liquefaction terminal (LNG) or any other option.
Lakkotrypis added that discussions regarding the licensing of Block 7 with ENI and Total will begin in the coming days.
ENI vice-president for South Europe Carlo Vito Russo said at the conference that the new discoveries in the Cyprus EEZ fortify the already existing potential of the Eastern Mediterranean, confirming it as a world class hydrocarbon region.
Russo highlighted the importance of cooperation among states and companies in the region, noting that existing infrastructure in Egypt can be used to utilise gas discoveries, especially those of Blocks 10, 6, and 11, which neighbour the Egyptian Zohr gas field.
Yves Grosjean, the Cyprus manager for Total, said that global demand for natural gas is rising by 5 per cent a year.
He also referred to the reduction in the price of LNG production in 2018 and the company’s goal of lowering the price of natural gas per BTU. Total aims to have a 10 per cent share of the world gas market by 2020, he added, with deposits in various regions of the world.