Noble Energy has expressed the belief that there may not be the required amount of natural gas within Cyprus’ reserves to accommodate the construction of a Liquified Natural Gas (LNG) plant.
“LNG requires a lot of gas and is very expensive; it is probably the most expensive option,” John Tomich, Cyprus General Manager of Noble Energy told reporters yesterday.
Regional pipelines, he added, may be a more attractive option for the exploitation of reserves in Cyprus’ Exclusive Economic Zone.
“We don’t have enough gas, in our opinion, to justify undertaking such an LNG project,” Tomich reiterated, “so we are looking at the rest of the projects including floating LNG, CNG (compressed natural gas).
“The option that looks the most compelling right now is a network of regional pipelines,” he confirmed.
Despite his evaluation regarding a modest level of natural gas in Cyprus’ reserves, the General Manager stated that it is possible ongoing exploration in the island’s EEZ will result in the discovery of more gas.
Noble will commence additional drilling in 2015, Tomich told reporters.
Exploration and appraisal drilling in Block 12 of Cyprus’ EEZ by Noble Energy and Delek has revealed estimated reserves between 3.6 Tcf to 6 Tcf.
Published by: www.goldnews.com.cy
