Energy Minister sees positive prospects for development of Cyprus gas fields

Energy Minister Natasa Pilides has said that the latest developments may positively affect the development programme of Cyprus deposits and referred to her contacts with her counterparts of Egypt and Israel, towards this direction.

Invited to comment on the US Secretary of State’s position on the importance of the Eastern Mediterranean region in the energy sector and new role of Cyprus, Pilides said that the Egyptian Minister of Petroleum, whom she met this week, has already proceeded to have contacts with the EU and neighbouring countries, such as Israel, in order to find the necessary synergies for the Eastern Mediterranean to become a source of energy not only for the EU but also internationally.

The companies operating in Cyprus, she said speaking after Wednesday’s meeting of the Cabinet, are already taking into account these data and are trying to find ways of cooperation so that the necessary investments are made in the best possible way, for the benefit both the Republic of Cyprus and the companies.

“We expect and hope that the drilling activity will continue in 2022, but also the analysis of the data in order to speed up procedures,” she noted.

Asked about the Glaucus deposit in Cyprus gas block “10” of Cyprus’ EEZ, she said that around the middle of May the Ministry will probably have the first information about the quantities after an appraisal drilling.

Pilides also stressed the geopolitical importance of EastMed pipeline, but said that the gas quantities available play an important role to its development. She added that she will discuss the issue with the Israeli Minister of Energy when she visits the country on April 11.

Appraisal drilling operations in “Glaucus-2” which were carried out by the ExxonMobil Exploration and Production Cyprus (Offshore) Limited – Qatar Petroleum International Upstream LLC consortium have identified the presence of a natural gas reservoir with high quality characteristics, the Energy Ministry announced on March 21, 2022.