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.

Published by: www.incyprus.com.cy