Minister sees very positive activity in Cypriot EEZ

Activity in Cyprus’ exclusive economic zone (EEZ) has been very positive lately, with works worth $200 million completed since the start of the pandemic, Energy Minister Natasa Pilides said on Wednesday.

She was giving a presentation at the World Conference of Cyprus Diaspora, which began on Tuesday in Limassol.

Pilides said drilling, being carried out in block six by ENI/TOTAL, was progressing at a satisfactory pace and was expected to be completed within two to three weeks, also expressing the hope that there would be positive results.

She also mentioned the positive prospects identified by confirmatory drilling in block 10, adding that seismological studies were being carried out in blocks 10 and five to determine the exact quantities.

The minister explained that block five was licensed to the ExxonMobil/Qatar Energy joint venture in December 2021, stressing that it was particularly significant that the companies have expanded their presence in the Cypriot EEZ with a block adjacent to block 10.

Pilides also mentioned the finalisation of Chevron/Shell and Newmed Energy’s plans in block 12, where drilling is expected to follow in the first months of 2023.

It is very important that the quantities identified in block 12 are supplemented with additional confirmed quantities, she said, for the investments that must be made for the transport of natural gas to Egypt and to the EU to go ahead.

The minister linked these works to the government’s broader plan for green development, which promotes the use of hydrocarbons until 2049, highlighting the role of electrical interconnectors in Cyprus’ energy security and the need to increase its targets use of renewable energy sources (RES) in line with EU targets.

Cyprus is aiming to develop large and small storage systems to provide greater stability to the grid, she said.

Finally, she mentioned that along with other measures to reduce costs from the energy price hikes for consumers, the state has increased tenfold the amounts for RES installations, which have “generated a lot of interest from the public, who have embraced the plans”.