Or is it?
Just three days before the EU disaster in Cyprus, and while addressing an energy symposium, it was announced that there are huge gas reserves in Cyprus' EEZ and that the island will be ready to begin exploiting these reserves by 2020.
Specifically, the six lots already licensed to various companies in Cyprus' EEZ (specifically 2, 3, 9, 10, 11 and 12) may contain as much as 40 trillion cubic feet (tcf) of natural gas, according to the President of KRETYK Haralambos Ellinas, who told an energy symposium just three days before the Eurogroup announcement that with the implementation of all necessary infrastructure, Cyprus will be able to export liquefied natural gas of about 2 tcf per year by 2020.
Addressing the symposium he revealed that the agreements signed by energy giants ENI / KOGAS and France's TOTAL to explore the plots 2.3 9, 10 and 11 respectively, will create several exploratory wells in the near future that are going to cost about US $2 billion.
"The evidence gathered so far shows us that Plot 9 has more natural gas that Plot 12, maybe twice (as much)," said Mr. Ellinas.He added that:
"There are strong indications that the Levantin holds 122 tcf (quantity of natural gas) as revealed to us by USGC (the American Institute of Geological Research) and Cyprus (holds) 60 tcf (of this). We are confident that we will prove this with drilling."
Article in Greek - Exo Matia Kai Vlepo
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