Vasilikos can be a regional energy hub, CHCH President says
26/11/2013 11:23
The LNG terminal, on Cyprus’ southern coast, can become a regional energy hub, Cyprus National Hydrocarbons Company (CNHC) Executive President Charles Ellinas has pointed out.
“If we take the correct decisions and carry on with our plans without delay, the LNG terminal and the whole of Vasilikos area can become the energy hub of the region,” Ellinas said, speaking Monday at the Economist Conference which took place in Nicosia.
He noted that Vasilikos location is the only location in the Eastern Mediterranean to base an LNG plant which eventually can become a gas hub for the region.
He pointed out that timing is essential and exploration and development must continue without delay.
An LNG plant in Cyprus will give the country access to the attractive markets of Asia, especially the Far East, but also to Europe, he said, noting however that competition and global demands in the years to come will change and prices might drop by 2020.
Ellinas also said that Europe is looking to secure independent resources for its future needs, adding that these resources do not necessarily have to be Russian. He said that these resources can be provided by East Med and by the LNG at Vasilikos.
Preliminary results of a Noble Energy appraisal well for natural gas in Block 12 of Cyprus’ Exclusive Economic Zone estimate the hydrocarbon reserves between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70 percent working interest.
Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent.
Last June Cyprus government, Delek and Avner signed a Memorandum of Understanding (MoU) on the construction of a Liquefied Natural Gas (LNG) terminal in the Cyprus.
The ENI - KOGAS consortium, which has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus’ EEZ, is planning to drill in the third quarter of 2014, while Total, which has signed a contract for blocks 10 and 11, is also proceeding with drilling at the first quarter of 2015.
“If we take the correct decisions and carry on with our plans without delay, the LNG terminal and the whole of Vasilikos area can become the energy hub of the region,” Ellinas said, speaking Monday at the Economist Conference which took place in Nicosia.
He noted that Vasilikos location is the only location in the Eastern Mediterranean to base an LNG plant which eventually can become a gas hub for the region.
He pointed out that timing is essential and exploration and development must continue without delay.
An LNG plant in Cyprus will give the country access to the attractive markets of Asia, especially the Far East, but also to Europe, he said, noting however that competition and global demands in the years to come will change and prices might drop by 2020.
Ellinas also said that Europe is looking to secure independent resources for its future needs, adding that these resources do not necessarily have to be Russian. He said that these resources can be provided by East Med and by the LNG at Vasilikos.
Preliminary results of a Noble Energy appraisal well for natural gas in Block 12 of Cyprus’ Exclusive Economic Zone estimate the hydrocarbon reserves between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70 percent working interest.
Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent.
Last June Cyprus government, Delek and Avner signed a Memorandum of Understanding (MoU) on the construction of a Liquefied Natural Gas (LNG) terminal in the Cyprus.
The ENI - KOGAS consortium, which has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus’ EEZ, is planning to drill in the third quarter of 2014, while Total, which has signed a contract for blocks 10 and 11, is also proceeding with drilling at the first quarter of 2015.
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