Cyprus: new gas deposit too small to exploit, hopes for more

Cyprus' Energy Minister Yiorgos Lakkotrypis talks to the media during a press conference at the Energy ministry in capital Nicosia, Cyprus, Tuesday, Sept. 12, 2017. Lakkotrypis says exploratory drilling off the island's southern coast has discovered a small gas deposit that contains "less than" 0.5 trillion cubic feet of the hydrocarbon, not enough to make it commercially viable. (AP Photo/Petros Karadjias)
Cyprus' Energy Minister Yiorgos Lakkotrypis is seen through a camera monitor, talks to the media during a press conference at the Energy ministry in capital Nicosia, Cyprus, Tuesday, Sept. 12, 2017. Lakkotrypis says exploratory drilling off the island's southern coast has discovered a small gas deposit that contains "less than" 0.5 trillion cubic feet of the hydrocarbon, not enough to make it commercially viable. (AP Photo/Petros Karadjias)
Cyprus' Energy Minister Yiorgos Lakkotrypis talks to the media during a press conference at the Energy ministry in capital Nicosia, Cyprus, Tuesday, Sept. 12, 2017. Lakkotrypis says exploratory drilling off the island's southern coast has discovered a small gas deposit that contains "less than" 0.5 trillion cubic feet of the hydrocarbon, not enough to make it commercially viable. (AP Photo/Petros Karadjias)

NICOSIA, Cyprus — A gas field discovered off Cyprus that contains "less than" 0.5 trillion cubic feet of the hydrocarbon is too small to make it commercially viable on its own, Cyprus' energy minister said Tuesday.

But Yiorgos Lakkotrypis said the fact that gas was found in an area whose geological make-up is similar to that where a huge discovery was made off Egypt offers "encouraging signs" that more could be found in Cypriot waters.

"We're not disappointed with this drilling," Lakkotrypis told reporters. "It leaves us optimistic for the future."

Exploratory drilling at the "Onisiforos" well was conducted by a consortium made up of French energy company Total and Italy's Eni. Lakkotrypis said the consortium is obligated by contract to notify Cypriot authorities within 30 days whether they'll go ahead with more exploratory drilling in Block 11.

Block 11 sits near Egypt's Zohr gas field, discovered by Eni in 2015, which holds an estimated 30 trillion cubic feet of gas and is the biggest gas field ever found in the Mediterranean.

The block is one of eight areas where major oil and gas companies, including ExxonMobil, hold licenses to carry out exploratory drilling off Cyprus' southern coast. ExxonMobil officials have said they would start drilling in the second half of next year.

"The significance of the Onisiforos drilling is that it proved that the Zohr-type geological model works," said Lakkotrypis. "This raises prospects about the geological structures found in other Blocks that are similar in nature to Zohr and Onisiforos."

In earlier drilling, Texas-based Noble Energy discovered a field off Cyprus estimated to contain over 4 trillion cubic feet in reserves.

Lakkotrypis said the Cypriot government's aim is to build a gas processing plant on the island where the hydrocarbon can be liquefied for export, as long as enough reserves are discovered to merit the huge investment.

You may also interested in

Police: 305 Syrian migrants reach Cyprus on 2...

Sep 10, 2017

Cyprus police say a 36-year-old man has been arrested for allegedly driving one of a pair of boats...

Cyprus: new gas deposit too small to exploit,...

Sep 12, 2017

Cyprus' energy minister says exploratory drilling off the island's southern coast has discovered a...

Cyprus, Egypt, Greece agree to bolster maritime...

Dec 14, 2017

The defense ministers of Cyprus, Egypt and Greece have agreed to step up cooperation in combatting...

Greek Cypriots to vote in runoff in hopes of...

Feb 3, 2018

Greek Cypriots to vote in presidential runoff hoping for peace deal

Cyprus says drilling indicates potentially big...

Feb 8, 2018

Cyprus' energy minister says exploratory drilling off the island's southern shore has shown...

People also read these

Greek foreign minister: Turkey wasn't ready for...

Jul 18, 2017

Greece's foreign minister says Turkey wasn't ready for an agreement during 10 days of high-level...

Turkey's PM says Greek Cypriot gas search...

Jul 20, 2017

Turkey's prime minister says a Greek Cypriot search for oil and gas off Cyprus' southern coast is...

Cyprus president, 71, declares bid for second...

Oct 14, 2017

Cyprus' President Nicos Anastasiades has declared a bid for a second five-year term

UK minister expects closer defense ties with...

Jan 5, 2018

Britain's defense minister says authorities want to ensure that British armed forces "work closer...

Old guard against new blood in Cyprus...

Jan 26, 2018

Cypriots are voting Sunday to choose a president who could break a cycle of failure in talks to...

About Us

Get a quick look at what’s happening in the world today with in-depth analysis on international news, politics, business and technology, only in Central News Today.

Contact us: sales@centralnewstoday.com

Subscribe Now!