Famagusta Gazette: More natural gas reserves needed to sustain an LNG terminal, Minister says

Cyprus Energy Minister Giorgos Lakkotrypis said on Wednesday that more local natural gas reserves than the ones currently discovered are needed to render an LNG plan viable.

Speaking to a seminar concerning energy sufficiency and renewable sources, Lakkotrypis recalled the governments decision to construct an on-shore Natural Gas Liquefaction Terminal, noting that this project would grant flexibility with regard to natural gas exports, bring about economic growth and would enable processing natural gas deposits from neighbouring countries.

“However, the fact remains that additional reserves in our EEZ, more than those discovered in block 12, are needed to fund and to sustain the LNG terminal,” he said.

Exploration work carried out by US Noble Energy in block 12 revealed an estimated gross mean resources of 5 trillion cubic feet (tcf), which is not considered enough to sustain an LNG plant.
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