In an article in MEES, Peter Stevenson reveals that ExxonMobil’s Electra well in block 5 was unsuccessful. It encountered gas, but not in commercial quantities.

There were high expectations that Electra could contain as much as 30tcf gas.

The drilling rig will now move to block 10 to drill the Pegasus well, with more moderate expectations.

The Electra result is hugely disappointing as so much hope was placed on a positive result, including the construction of a gas liquefaction plant in Cyprus to produce LNG for export. And in the process bring cheap gas to the island for power generation.

The Cyprus government now needs to put this disappointment behind it and expedite resolution of the energy problems at hand. And there are many critical energy projects lingering under a mountain of problems, in need for urgent solutions.

First and foremost is completion of the LNG import terminal at Vasiliko. After the initial euphoria of the release of the FSRU Prometheus in November last year, the project has been mired with a plethora of problems, without a clear programme and a firm schedule for its completion. The target must to be to do all it takes to make it possible for EAC and independent conventional power producers to switch to natural gas before the end of 2026.

At least in the foreseeable future, this the most important project that could bring the cripplingly high electricity price significantly down, by as much as 35 to 40 per cent.

Next is the installation of electricity storage batteries to help reduce curtailment of renewable power, especially from rooftop solar that is causing so much grief to those who heeded the ministry of energy calls and invested in such schemes.

The decision has been made, but it requires expedient implementation – something of a problem in Cyprus.

If Cyprus is to advance the construction of solar PV farms, it also needs to upgrade its electricity grid. And break the cartel system that keeps renewables prices so high that they do not benefit Cypriot consumers.

And in order to achieve all that needs to be done, Cyprus needs an energy plan and a realistic and detailed road map. The government must take its mind away from the EEZ and concentrate on and prioritise energy on the island. On what would make a real and immediate difference to the lives of hard-pressed Cypriots who cannot afford current energy costs.