Lakkotrypis: Exploration in Cyprus’ EEZ is “Number One Priority”

17:27 - 02 Νοεμβρίου 2016

  Cyprus’ number one priority is to further deepen and expand exploration activities, in order to identify the natural gas resources that lie in the country’s exclusive economic zone, Energy Minister Yiorgos Lakkotrypis said on Tuesday, November 2, according to the Cyprus News Agency.

He also spoke about the potential for the Eastern Mediterranean in emerging as another source of energy supply and an alternative route.

Addressing the Economist conference, currently underway in Nicosia, Lakkotrypis referred to the opportunities for further discoveries in the area, saying that they amount to 2.000 bcm. In comparison, the whole of Europe consumed last year 430 bcm, the Minister added.

The Minister also referred to the 2015 discovery of Zhor reservoir by ENI, off Egypt’s coast, noting that it marked the potential and possibilities existing for Cyprus and the region. Israel is launching another licensing round this month, he added.

Speaking about the challenges ahead, Lakkotrypis spoke about technical challenges and falling oil prices. He said finally that Cyprus is working to represent the EU in the Eastern Mediterranean and vice versa. This is the role the country has, Lakkotrypis noted and spoke about the potential for cooperation at a quadrilateral level while developing resources.

Paolo Scaroni, Rothschild Group deputy chairman and former ENI CEO, said from his part that in order for Europe to become a political union, it has to become energy independent first. “Energy independence is like political independence” Scaroni said and noted the potential for Israel, Cyprus and Egypt to provide alternatives routes that will secure energy security for Europe.

He said that all three countries provide strategic alternative routes, however there are challenges, like the infrastructure that needs to be built or the political complexities that exist, including the question of Cyprus’ political settlement.

Yaniv Friedman, the deputy CEO of Delek Drilling/ Avner Oil said in his intervention that Israel has transformed itself from an importer of energy to become almost energy self-sufficient. Today, 60% of Israel`s energy is coming from the Tamar discovery, he noted and referred to the impact Aphrodite could have on the economy of Cyprus.

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