TOTAL HAS NOT LOCATED DRILLING TARGET AREAS, SAYS CYPRUS’ ENERGY MINISTER

Cypriot Minister of Energy Yiorgos Lakkotrypis (pictured) has told CNA that oil & gas giant Total has not been able to locate drilling target areas withing the blocks 10 and 11 in Cyprus` Exclusive Economic Zone (EEZ) that it has been licensed to explore.

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Lakkotrypis, who was replying to a question by CNA said that Total has informed the government that following the 3D seismic surveys it has conducted in the two blocks it was not able “to locate drilling target areas”.

He added that Total has made it clear that they cannot go ahead with any drilling and that it is looking into the options ahead.

Asked which other options Total may be looking into apart from the possibility of pulling out from Cyprus, Lakkotrypis did not wish to comment further.

He is briefing parliamentary parties this afternoon.

The Republic of Cyprus is currently developing natural resources discovered within its EEZ, while several international companies are involved in hydrocarbon exploration and exploitation activities.

Delek Drilling Limited along with Avner Oil and Gas LP reported to the Tel Aviv Stock Exchange (TASE) that they had raised their estimate for the amount of natural gas in the Aphrodite (Block 12) reservoir by 14 billion cubic meters (BCM). The new estimates are 127 BCM of gas, up from 113 BCM, and nine million barrels of condensate, up from 8.1 million. The estimated number of barrels of condensate (a liquid byproduct of natural gas production that can be sold separately) has also been raised.

The consortium of Noble Energy and Delek drilling holds the right to explore Cyprus` offshore block 12, in the Republic`s Exclusive Economic Zone (EEZ) as well as Leviathan and Tamar gas fields of Israel.

Consortium ENI/KOGAS has been awarded exploration licenses in Cyprus` EEZ, namely in Blocks 2,3 and 9. ENI completed 2 seismic surveys, and is planning to drill 6 wells in the coming 18 months.


Article written by CNA