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 gas will attain potential markets in Europe and Asia, the island nation’s vitality minister stated on Wednesday.
Minister Natasa Pilides says the numerous drilling on the Glaucus-1 effectively inside block 10 of Cyprus unique zone scheduled to start out in 6-8 weeks will decide if the deposit is on the greater or decrease finish of its estimated dimension of 5-8 trillion cubic toes (142-227 billion cubic meters) of pure fuel.
The next confirmed amount would naturally imply better income and in flip push exploitation of the deposit up the precedence listing for ExxonMobil and associate Qatar Petroleum among the many completely different tasks theyre presently engaged on.
Pilides advised The Related Press in an interview that transferring the fuel by pipeline to Egyptian processing crops the place it could be liquefied for export aboard ships is presently the most certainly choice.
However doable building of a processing plant on Cyprus isnt fully out of the image relying on the general amount of fuel discovered off the island that may make the venture economically possible.
A consortium made up of Frances Whole and Italys Eni is ready to start out drilling within the first half of subsequent 12 months to find out the dimensions of what was described as a promising deposit at its Calypso 1 effectively 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, typical gas that international locations in Europe and elsewhere might use to transition to extra renewable sources for vitality technology. She stated that fashions present that even international locations that generate most of their vitality from renewables nonetheless have fairly a excessive share of both pure fuel or nuclear energy as a back-up vitality supply.
Know-how hasnt reached the purpose the place renewables might cowl all a countrys vitality wants so theres nonetheless room for pure fuel.
As a result of (fuel) costs are rising have been going by means of a section the place theres undoubtedly extra hope that if theres enough portions in Cyprus, it might present an alternate 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 crops.
Though no numbers have been mentioned, Pilides stated the chance is being examined for a pipeline that may convey fuel to Egypt from Cyprus Aphrodite deposit and Israels large, adjoining subject Leviathan – each of that are operated by Chevron.
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