Cyprus and the region are becoming major players in the oil and gas industry, especially after Egypt’s huge Zohr gas discovery and the recent significant find offshore Cyprus by ExxonMobil in block 10.
Lakkotrypis said his Ministry was working hard to create the relevant gas infrastructure, such as a new port at Vasiliko, to enable companies to use Cyprus as a base to provide services for the oil and gas industry.
In his presentation, Lead Country Manager of ExxonMobil Varnavas Theodosiou spoke of the importance of the discovery in block 10 with estimated quantities between 5-8 tcf of natural gas, saying that additional evaluation of data was needed before deciding further exploration in the block.
He said ExxonMobil’s activities in the region, mainly in block’s offshore Crete and in block 3 offshore Egypt, in close proximity to Cyprus, bring additional synergies into the projects.
“We look forward to kick-off the activities in that area in the very near future”, he said.
On commercialisation options for block 10, Theodosiou said the elite case for ExxonMobil was an LNG plant in Cyprus, in case they could find, or pull together additional gas quantities to make the project feasible.