ENI | Cyprus Gas News keep you up to date with all news about Cyprus Gas and Oil reserves. http://www.cyprusgasnews.com Cyprus Gas News Thu, 17 Oct 2013 16:55:35 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Italian interest http://www.cyprusgasnews.com/archives/2912?utm_source=rss&utm_medium=rss&utm_campaign=italian-interest http://www.cyprusgasnews.com/archives/2912#comments Thu, 11 Jul 2013 18:33:24 +0000 Admin http://www.cyprusgasnews.com/?p=2912 NICOSIA – The chief executive of Italian oil and gas giant ENI says his company will invest in a planned Cypriot natural gas processing facility if its search for deposits off the island nation’s southern coast is successful.
Paolo Scaroni who met President Anastasaides  in Nicosia on Thursday also said that ENI is interested in being part of the multi-billion euro facility, but “needs to be sure that we have hydrocarbons” before it commits to the project.
Bailed-out Cyprus hopes revenue from the facility will help turn around its faltering economy.
Scaroni said that exploratory drilling in one of three areas for which ENI and its South Korean partner, Kogas, are licensed to search for gas will begin next year.
An offshore gas field now being developed by U.S. firm Noble is estimated to contain 5-8 trillion cubic feet of gas.

 

Published by: www.incyprus.com.cy

 

 

]]> http://www.cyprusgasnews.com/archives/2912/feed 0 Block 12 drilling http://www.cyprusgasnews.com/archives/2341?utm_source=rss&utm_medium=rss&utm_campaign=block-12-drilling http://www.cyprusgasnews.com/archives/2341#comments Sat, 27 Apr 2013 07:28:42 +0000 Admin http://www.cyprusgasnews.com/?p=2341 NICOSIA – Confirmatory drilling in block 12 of Cyprus` exclusive economic zone will begin as soon as the rig is transferred there, in mid- or late June, and is expected to be completed by October, Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis has said.

To remarks that the interim solution for importing natural gas seemed unprofitable and it would be better to bring natural gas directly from Cyprus` blocks, Lakkotrypis said decisions would be taken next week, after he briefs the President of the Republic on the situation.

Asked when a new Chairman of Cygas, Cyprus` natural gas public company, would be appointed, Lakkotrypis said this was a decision for the Council of Ministers, which would be convening again on May 8.

To questions when Cyprus would be able to exploit its own natural gas, the Minister noted that “for our own consumption we are waiting to see the results of the interim solution and at the same time we are looking at some other options we may have, but it is not time yet to announce anything.”

Asked when confirmatory drilling would take place in block 12, Lakkotrypis said “the rig will be moved to block 12 in June, mid or late June, confirmatory drilling will begin almost immediately, and we hope it will be concluded by October.”

He added that “when the confirmatory drilling is completed and we know the quantities, the quality and the recoverable quantities, the procedure must begin to declare the deposit marketable.”

Exploratory drilling conducted by Noble Energy in Block 12 of Cyprus’ exclusive economic zone has revealed a gross natural gas reserve from 3 to 9 trillion cubic feet with a 60% probability of geologic success.

Noble is expected to extract and transfer natural gas to Cyprus by late 2018.

Contracts have been signed with the ENI/KOGAS consortium in blocks 2, 3 and 9 within Cyprus’ exclusive economic zone and with Total for blocks 10 and 11 in the context of the second licensing round.

 

 

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