By: E, Conophagos, N. Lygeros, A. Foskolos
Translated from the Greek by Athena Kehagias
Submitted by: Stelios Veisakis MSc in Oil&Gas Technology.
Just a few weeks ago we had stated that the new geological model of targeting limestone reef reserves within the eastern Mediterranean, – which was devised by the Italian company EMI- innovatively changed the energean prospects of the wider area, and particularly in regards to Cyprus and Greece.
We had also noted via related mapping, that within the Cypriot marine plot 11 of the TOTAL company, there are at least 4 Zohr type target reserves of biogenic natural gas, and another 2 targets in marine plot 10, which appear to be greater in size than the hypergigantic Egyptian Zohr reserve.
The Cypriot marine plot 8 also appears to include at least 3 Zohr type targets, whereas the Cypriot block 6 doesn’t include Zohr type targets, but obtains at least one huge natural gas target of the Leviathan type.
Based on the above mentioned new perspectives regarding natural gas reserves in the region- we saw suddenly for the first time- petroleum giants to massively appear, at the proclaimed 3rd Cypriot licensing round, such as Exxon Mobil, TOTAL, ENI, STATOIL and SHELL.
The map below is indicative of the energean potentials of the region, but we simultaneously understand why the investment interest of companies South of Cyprus has increased. It’s also interesting to note that, the Republic of Cyprus very wisely didn’t make marine plot 7 available in the 3rd licensing round, within which plot according to the Spectrum co, there seems to be a natural gas target 5 times greater than the Zohr reserve.
According to our opinion this hypergigantic Cypriot target deposit must remain aside, as a strategic reserve for Cyprus, because in case that the expected hydrocarbon research in the region leads to new breakthroughs, then these strategic stocks will at some stage gain a far greater geopolitical and economic value.
Consequently, the question remains of when will Greece become interested in establishing a similar strategy to Cyprus.
It’s our belief that as long as we live exclusively on imports, that would occur when the Greek economy would come to the conclusion that it is unable to pay up the age pensions to its citizens, and would merely result in to providing ration cards and coupons.
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