CYPRUS has already taken a decision for a Liquefied Natural Gas (LNG) terminal, Minister of Commerce Industry and Tourism Neoclis Sylikiotis said on Thursday, adding there is big interest by large international organizations to participate in this project.
Addressing the Cyprus Natural Gas Conference, Sylikiotis also said that the government will finalise in the coming weeks the State Hydrocarbons Company, the body that will represent the government in all future negotiations concerning natural gas issues.
Cyprus, he noted, is in a critical turning point with regard to the developments at home and internationally in the energy sector. “We have a clear picture of the developments being shaped, we know where we want to go and we proceed cautiously, but steadily towards our goal,” he said.
Last December Houston based Noble Energy, which has a concession for exploratory drilling in Cyprus’ block 12, announced that initial data that emerged from exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf.
Cyprus received 25 bids from companies and international joint ventures in the second licensing round for the island’s remaining 12 offshore blocks that took place on May 11.