Foreign Minister Ioannis Kasoulides and Minister of Energy Yiorgos Lakkotrypis briefed EU Commissioner for Energy Günther Oettinger on government planning on the exploitation of natural gas.

The two Ministers briefed Oettinger on the latest developments as regards future exploratory wells by companies operating in Cyprus' EEZ, the possibilities of Cyprus to become an alternative energy source in Europe, and on plans to exploit and export, through an LNG plant in Vasilikos, natural gas.

Kasoulides referred to the excellent relations between Cyprus with Egypt, Israel and Lebanon, as well as the Republic's readiness to act as a link for the Eastern Mediterranean Energy corridor.

At the same time, Lakkotrypis stressed that the construction of an LNG plant on the island constitutes a priority for the government.

During the meeting, Cyprus' role in the exploitation of hydrocarbon resources, particularly in the Eastern Mediterranean region, to enhance the Union’s energy supply security was highlighted.

The two sides agreed to establish a dialogue to synchronize their plans, acknowledging that Cyprus’ plans are aligned with the strategic objective of the EU in securing its energy supplies.

Cyprus aims to construct a Natural Gas Liquefaction Terminal, which can be sustained with Cypriot natural gas reserves and if this is not possible, Cyprus will cooperate with countries in the region.

So far Cyprus has signed contracts with US Noble Energy on block 12, while contracts have also been signed with French energy giant TOTAL on blocks 10 and 11. Italian heavyweight ENI and Korean KOGAS were given concessions over block 2 and 3 and 9. Exploration activity in block 12 revealed an estimated gross mean resource of 5 trillion cubic feet (tcf).

Source: Famagusta Gazette