Minister Lakkotrypis, said that the presale of natural gas is a prerequisite for financing the necessary infrastructure projects. He noted that the time to sell the contracts is when the Government will make a final investment decision for the liquefaction terminal infrastructure, aiming to maximize the value of the contract with the least possible risk. Lakkotrypis said that during the meeting, they discussed issues of hydrocarbons from the geopolitical and their operational aspect, the intermediate solution for gas supply in Cyprus, as well as medical tourism, Technology Park and other areas where the Government seeks to attract investments.

Preliminary results of an appraisal well carried out by Houston-based Noble Energy for natural gas in Block 12 of Cyprus’ Exclusive Economic Zone estimate the hydrocarbon reserve between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70% working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15%. Total E&P Cyprus Ltd has been granted a license for seismic exploration for oil and gas in block 10 and in parts of blocks 6, 7 and 11 of Cyprus’ EEZ.

Source: Famagusta Gazette