Cyprus Mail: Maybe the Best Is Yet to Come

It took the drilling of just one well to put the eastern Mediterranean back on the world map of hydrocarbons. The timing could not be better for Egypt, currently experiencing power cuts due to insufficient electricity production. The announcement of the Zohr find by ENI has manifestly upset the plans of the Noble-Delek consortium which holds the concession on Israel’s Leviathan gas field. In Cyprus, government sources were meanwhile focusing exclusively on the positive prospects of the discovery.

Perhaps the most positive development as far as Cyprus is concerned, is the size of the Egyptian Zohr prospect as well as its proximity to Cyprus’ offshore block 11, currently licensed to French oil major Total. The size of the gas field, in the order of 30 trillion cubic feet (tcf), or 5.5 billion barrels of oil equivalent, in conjunction with the fact the well is located just 6.5km from block 11, is a potential game changer.

If one considers that oil and natural gas reservoirs know no geographical boundaries, there are strong indications that the reservoir may extend into Cyprus’ Exclusive Economic Zone (EEZ).

Read the full article HERE.