Natural gas discovery an historic event, Minister says
Natural gas discovery is an historic event for Cyprus, the Minister of Communications and Works Efthymios Flourentzou has said, adding that government planning and policy on this issue has highlighted the existence of gas reserves.
“The Government has recently appointed an Advisory Committee, composed of experts who are expected to assist in developing policies that will safeguard the Republic’s interests in exploiting hydrocarbon deposits in the most wise manner,” he said in statements after a visit to Nicosia General Hospital, where he distributed gifts to patients injured in car accidents.
He noted that the discovery is certainly a new development which must be managed correctly. This massive investment will have multiple benefits “in all aspects of our lives,” he pointed out.
Replying to a question on infrastructure for the import and export of petroleum, the Minister of Communications said that the relevant decision taken by the Cabinet is very important as it concerns a huge investment that will place Cyprus on the energy map
. A team of five technocrats from the Ministries of Commerce, Agriculture and Communications have visited a drilling rig from where Huston-based Noble Energy has carried out exploratory drilling in Cyprus’ Exclusive Economic Zone (EEZ), Minister of Commerce, Industry and Tourism Praxoula Antoniadou has said.
Speaking to CNA, Antoniadou stated that next week the drilling rig is going to be removed from the area as essentially it has completed its job to locate hydrocarbons.
Cyprus President Demetris Chistofias announced on Wednesday that the work has revealed a gross mean average of 7 trillion cubic feet (TCF) of natural gas.
Noble Energy discovered approximately 100 metres (310 feet) of net natural gas pay. The well was drilled to a depth of 5,861 metres in water depth of about 1.689 metres.
The initial data that emerged from the exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 tcf with a gross mean of 7 tcf.
The Minister of Commerce told CNA that the next step is to carry out an evaluation drilling in 2012 in the same location to confirm the geological formation and the quantity of the natural gas.
She added that the government in cooperation with a team of experts will decide on the next steps concerning the infrastructure which must be created to extract natural gas in block 12 and in other blocks in the Exclusive Economic Zone of the Cyprus Republic.
Antoniadou also said that next week the Ministerial Committee set up on the issue will convene to discuss the latest developments.
Concerning Turkish threats against Cyprus, the Minister reiterated President Demetris Christofias` statement that “the discovery of natural gas could and should constitute a tool for the promotion of peace and cooperation in the region.“
Cyprus has granted the exploration license for block 12 to Noble Energy, which began drilling on September 18 this year.
Turkey whose troops occupy Cyprus’ northern part since they invaded in 1974 does not recognise the Republic of Cyprus. Following a decision by Nicosia to begin natural gas and oil exploration in its exclusive economic zone, Ankara has deployed warships in the Eastern Mediterranean and signed an illegal agreement with the Turkish Cypriot regime in occupied Cyprus to delineate what it calls continental shelf.
The government of Cyprus has protested to the UN and the EU Turkey’s moves, saying it has a sovereign right to exploit its natural resources, pointing out that Greek Cypriots and Turkish Cypriots will benefit from any benefits that may come from oil drilling.
Cyprus has signed an agreement to delineate the Exclusive Economic Zone with Egypt and Israel with a view to exploit any possible natural gas and oil reserves in its EEZ. A similar agreement has been signed with Lebanon but the Lebanese Parliament has not yet ratified it.
UN-backed talks for a settlement to the Cyprus problem began in September 2008.
