NICOSIA, Cyprus: Drilling by ExxonMobil set for late subsequent month to verify how a lot pure fuel is contained in a large deposit off Cyprus’ southwestern coast will map out how the gasoline will attain potential markets in Europe and Asia, the island nation’s power minister stated on Wednesday.
Minister Natasa Pilides says the numerous drilling on the Glaucus-1 nicely inside block 10 of Cyprus unique zone scheduled to begin in 6-8 weeks will decide if the deposit is on the increased or decrease finish of its estimated measurement of 5-8 trillion cubic ft (142-227 billion cubic meters) of pure fuel.
A better confirmed amount would naturally imply better earnings and in flip push exploitation of the deposit up the precedence checklist for ExxonMobil and associate Qatar Petroleum among the many completely different initiatives theyre at the moment engaged on.
Pilides informed The Related Press in an interview that transferring the fuel by pipeline to Egyptian processing vegetation the place it will be liquefied for export aboard ships is at the moment the almost certainly possibility.
However potential development of a processing plant on Cyprus isnt utterly out of the image relying on the general amount of fuel discovered off the island that will make the undertaking economically possible.
A consortium made up of Frances Whole and Italys Eni is about to begin drilling within the first half of subsequent yr to find out the dimensions of what was described as a promising deposit at its Calypso 1 nicely in block 6 that abuts space the place ExxonMobil-Qatar Petroleum is licensed.
The Whole/Eni consortium is licensed to prospect for hydrocarbons in seven of 13 blocks off Cyprus. Calypso might prolong to neighboring block 7 which belongs to the consortium.
Pilides stated pure fuel is a cleaner-burning, standard gasoline that nations in Europe and elsewhere might use to transition to extra renewable sources for power era. She stated that fashions present that even nations that generate most of their power from renewables nonetheless have fairly a excessive share of both pure fuel or nuclear energy as a back-up power supply.
Know-how hasnt reached the purpose the place renewables might cowl all a countrys power wants so theres nonetheless room for pure fuel.
As a result of (fuel) costs are rising have been going by means of a part the place theres undoubtedly extra hope that if theres ample portions in Cyprus, it might present another for our area, stated Pililides.
Pilides stated Egypt has been eager in nudging ahead regional cooperation for a pipeline to switch fuel from Cypriot and even Israeli waters to its processing vegetation.
Though no numbers have been mentioned, Pilides stated the chance is being examined for a pipeline that will convey fuel to Egypt from Cyprus Aphrodite deposit and Israels big, adjoining area Leviathan – each of that are operated by Chevron.
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