There are plots in the Exclusive Economic Zone of Cyprus with richer hydrocarbon deposits than those of plot 12, former Commerce Minister, Antonis Michaelides supports.
Mr. Michaelides, who was Minister in the government of Tassos Papadopoulos, criticized the government for the huge delay in the promotion of the second round of licensing.
Speaking to CyBC Radio, he wondered why there was such a big delay at the same time that “we all knew to a great extent of certainty what was in the Cyprus EEZ”.
On the question whether there are better plots than plot 12 in the Cyprus EEZ, Mr. Michaelides was positive:
“Yes. I believe there are better plots. This is what the three-dimensional searches have showed four years ago”, he said.
“The allegations that we should expect the drilling results before inviting the tender for the second licensing is a pretext”, he added.
Disagreement with the strategy
Mr. Michaelides also expressed his disagreement with the strategy, stressing that Cyprus must be supplied with natural gas by a third country, since its hydrocarbon deposits cannot be available earlier than five years.
“The first move that should have been made a long ago was to reach a natural gas agreement with a third country. The lack of gas means an annual additional cost of fuel, crude and diesel, of €200 - €300 million and this must not be ignored”, he said.
“After securing natural gas from a third country, a decision must be taken on the way of its transfer to Cyprus”, he added.
“None of those has been promoted so far and we are already late”, the Minister noted.
Mr. Michaelides stressed the need to prepare the necessary infrastructure so that Cyprus uses its own stock and be ready to export its quantities from plot 12 to Mediterranean countries.
As for the long-term planning, the former Minister talked about the installation of a liquefaction terminal for exports to countries beyond the Mediterranean.
Mr. Michaelides, who was Minister in the government of Tassos Papadopoulos, criticized the government for the huge delay in the promotion of the second round of licensing.
Speaking to CyBC Radio, he wondered why there was such a big delay at the same time that “we all knew to a great extent of certainty what was in the Cyprus EEZ”.
On the question whether there are better plots than plot 12 in the Cyprus EEZ, Mr. Michaelides was positive:
“Yes. I believe there are better plots. This is what the three-dimensional searches have showed four years ago”, he said.
“The allegations that we should expect the drilling results before inviting the tender for the second licensing is a pretext”, he added.
Disagreement with the strategy
Mr. Michaelides also expressed his disagreement with the strategy, stressing that Cyprus must be supplied with natural gas by a third country, since its hydrocarbon deposits cannot be available earlier than five years.
“The first move that should have been made a long ago was to reach a natural gas agreement with a third country. The lack of gas means an annual additional cost of fuel, crude and diesel, of €200 - €300 million and this must not be ignored”, he said.
“After securing natural gas from a third country, a decision must be taken on the way of its transfer to Cyprus”, he added.
“None of those has been promoted so far and we are already late”, the Minister noted.
Mr. Michaelides stressed the need to prepare the necessary infrastructure so that Cyprus uses its own stock and be ready to export its quantities from plot 12 to Mediterranean countries.
As for the long-term planning, the former Minister talked about the installation of a liquefaction terminal for exports to countries beyond the Mediterranean.
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