Total E & P Cyprus Managing Director Jean-Luc Porcheron was speaking during a presentation organized by the Cyprus-French Business Association entitled 'Total in Cyprus: A long term perspective'. He said that “this is just the beginning of exploration in Cyprus”, noting that “we have a lot of work to do before drilling which means that we will probably not be able to drill before mid 2015”.

He stressed that “we will try our best to carry out our activities in a timely manner but we cannot skip all the technical stages”, urging everyone in Cyprus to be patient. Total top official also said that LNG offers optimal flexibility for marketing and value creation, noting at the same time that LNG project (onshore) brings long term benefits to a country. He also said that there are alternatives which may be economically viable that depends a lot on the quantity of gas found. He went on to say that “we are considering all options” including that of a pipeline. However he admitted that “pipeline does not offer flexibility” while he stressed that it is imperative to have “a good and long term relationship” with the county where the pipeline`s end point will be. “That’s critical” he concluded.

French company Total was granted hydrocarbon exploration licenses in blocks 10 and 11 of Cyprus’ EEZ after signing two production sharing contracts with the Ministry of Commerce, Industry and Tourism in Nicosia in February last year. Total E&P Cyprus Ltd has been granted a license by the Agriculture Minister for seismic exploration for oil and gas in block 10 and in parts of blocks 6, 7 and 11 of Cyprus’ Exclusive Economic Zone. The company will carry out a two-dimensional seismic survey using a specific type of vessels to locate hydrocarbons in the specific blocks. The license is valid for three months, from the 1st of February until the 1st of May, and can be renewed by the Minister.

Preliminary results of a Noble Energy appraisal well 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. NobleEnergy operates Block 12 with a 70% working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15%.

Source: Famagusta Gazette