Minister of Energy, Commerce and Industry of the Republic of Cyprus, Natasa Pilides described on Wednesday the mobility around Cyprus’ Exclusive Economic Zone lately as positive, due to the developments in the natural gas sector following Russia’s invasion of Ukraine.
Speaking at a presentation during the Overseas Cypriots conference held in Limassol, she said that since the start of COVID-19, a total of 200 million dollar works concerning the Cyprus EEZ have taken place.
Regarding the drilling in Block 6 of the Cyprus EEZ by ENI/TOTAL currently underway, she said it is progressing very satisfactorily and that within two to three weeks it is expected to be completed. She expressed the hope that there will be positive results and relevant announcements will be made.
Pilides referred to the prospects located following drilling in Block 10 and said seismic surveys are being carried out in blocks 5 and 10 currently to locate the exact amounts.
She further said it is very significant that the quantities located in Block 12 to be supplemented with additional confirmed quantities, both for investments and for infrastructure to be made for the transport of gas to Egypt, or the infrastructure in Cyprus, but also for the supply of natural gas to the EU.
The Energy Minister further talked about Chevron/Shell and Newmed Energy’s plans to drill a new well in Block 12 in the first months of 2023 while plans will be finalised for transporting natural gas to Egypt.
Pilides referred to the government broader plans for green development together with its plans to exploit hydrocarbons by 2049. She underlined the role of electrical interconnection of cables for the island’s energy security and the need to increase the targets for RES for Cyprus to be in line with EU targets.
She also said that in parallel with other measures to reduce the cost from the increase in energy prices to consumers, the government has increased tenfold the financial incentives for energy efficiency and consumers have embraced these incentives