Cyprus and the EU have agreed to establish a dialogue with a view to synchronising planning on energy matters, Minister of Energy Giorgos Lakktrypis has said.
Lakkotrypis referred to a meeting he and the Minister of Foreign Affairs Ioannis Kasoulides had with EU Commissioner responsible for Energy Gunter Oettinger, yesterday in Brussels.
“The meeting took place as the European Commission shows an increasing interest in hydrocarbon reserves in the Eastern Mediterranean, in particular offshore Cyprus, which are in fact European reserves. At the meeting it was stressed that Cyprus` planning is totally in line with strengthening the security of the EU energy supply,” Lakkotrypis said, adding that “we also agreed with EU officials to embark on a dialogue between EU and Cyprus to synchronise our planning.”
The Minister pointed out that the EU in the backdrop of the Ukranian crisis, it wants to reduce the dependency of its member-states from certain resources and routes through new energy corridors and cooperation, adding that under these circumstances it is clear that Cypriot natural gas deposits, along with other gas reserves in the Eastern Mediterranean, become particularly important in securing EU energy supply.
He noted that solutions like a natural gas pipe connecting the island with offshore gas fields, and the Natural Liquefaction Plant are among the European infrastructure projects that could secure the EU`s energy sufficiency and lift the energy isolation of all member-states.
Lakkotrypis reiterated the government`s strategic option to construct an LNG terminal, noting however that a fundamental prerequisite for the project`s funding is the discovery of additional natural gas sources in the Cypriot EEZ, which would render the plant viable and competitive.
Exploration activity in block 12 carried out by US Noble Energy revealed a gross reserve of 5 trillion cubic feet which is considered insufficient to support an LNG plant. One more exploration drilling is expected by the US company in block 12, whereas, the consortium of ENI/KOGAS is expected to launch exploration activity at the end of the summer in blocks 2,3 and 9 carrying out four exploration drills. French TOTAL which has concession in blocks 10 and 11 is expected to begin explorations by the end of 2015.
Furthermore, Lakkotrpyis referred to the promotion of regional cooperation with the Eastern Mediterranean countries in the field of hydrocarbons, noting that after the bilateral agreement with Egypt on joint exploitation of possible gas reserves between the EEZ of the two countries, talks on similar agreements with Israel and Lebanon are at an advanced stage. Cyprus has signed delimitation agreements with Egypt, Lebanon and Israel.
He added that while maintaining communication channels with Greece, Israel, Egypt and Lebanon, Cyprus has launched a dialogue with EU countries suffering from the crisis in Ukraine, which are planning to construct infrastructure projects such as liquefied natural gas storage facilities and as such they could become Cyprus` possible clients.
Published by: www.parikiaki.com
