Commerce, Industry and Tourism Minister Neoklis Sylikiotis has said that drilling in Cyprus Exclusive Economic Zone (EEZ) by TOTAL is expected to begin in 2014 and the construction of the terminal at the beginning of 2015.

Sylikiotis met on Wednesday with the Vice President of TOTAL in the Middle East Pierre Olinger, who briefed him on TOTALs actions after the French company was granted hydrocarbon exploration licence in Cyprus EEZ blocks 10 and 11, after signing two production sharing contracts with the Ministry of Commerce.

He said TOTAL will deposit 24 million euro for the signing rights and present its initial plans on how it will proceed with seismic research and later on with drilling.

Sylikiotis also said that TOTAL informed him about its efforts to proceed the soonest possible with a view to meet its obligations and commitments as these are defined by the production sharing contracts it has signed with the Republic of Cyprus.

He noted that TOTAL is one of the biggest companies worldwide with a major experience in deepwater drilling and one of the key players in the trading of natural gas.

Responding to questions, the Minister said this year TOTAL will focus on seismic research.

Sylikiotis also said that Noble Energy has requested and secured permission from the Republic of Cyprus to present the data which it has gathered from Cyprus plot to other companies. The permission was granted under the condition that a representative of the Republic will be present at the venue where TOTAL has its database, the Minister explained.

He said that Noble has asked to be able to present this data to TOTAL, ENI and Australian company Woodside that has bought 30% of the rights of the Israeli Leviathan, which borders Cyprus exclusive economic zone.

Sylikiotis also noted that Cyprus National Hydrocarbons Company (KRETYK) is already proceeding with the proposals of interest as regards a world-known economic advisor that will set up the investment plan, which includes discussions with the companies with which contracts have been signed, with the companies-buyers and the presale contacts.

These are expected to proceed during the next two years so that we will be able at the beginning of 2015 to say that the construction of the terminal is getting underway, he noted.

Exploratory drilling conducted by Huston-based Noble Energy in Block 12 of Cyprus EEZ has revealed a gross natural gas reserve from 3 to 9 trillion cubic feet (tcf) with a 60% probability of geologic success.

Contracts were also signed on January 24 with the ENI/KOGAS consortium for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus EEZ.  (KYPE)

Published by: www.famagusta-gazette.com