Expectations for 30tcf at 'Electra', Minister calls for patience until drilling

08:30 - 16 December 2024

Economy Reporter

Minister of Energy, Commerce and Industry George Papanastasiou has called for patience until drilling is carried out of the 'Elektra' target in Cyprus' Exclusive Economic Zone.

Asked by CNA whether he confirms an article in the "Middle East Economic Survey" (MEES), the Minister on 14 December said "we should wait for the drilling to take place because the studies may show some optimistic geological structures, but if we don't drill, we cannot know exactly what is there."

Drilling of Elektra on Cyprus block 5 is expected to begin in mid-January.

According to MEES, "ExxonMobil sees its upcoming Elektra well on Cyprus Block 5 as a potential play-opener with up to 30tcf gas in place. This would rival Egypt’s Zohr and Israel’s Leviathan as the biggest find in a region the US major ranks alongside Guyana as the biggest new hydrocarbon province of the last 30 years."

“All the ingredients appear to be there” for a “25-30tcf” gas find, a source involved in the drilling campaign told MEES. “It is very difficult to identify the reservoir with seismic, nonetheless we have hopes that there should be good reservoirs in the area,” they added.

Furthermore, it says that "if Exxon makes a significant discovery at Elektra, even one substantially smaller than the pre-drill estimate, then long-stalled plans for an LNG liquefaction plant at Vasilikos on the south coast could be revived."

Moreover, the article says that "the presence of QatarEnergy in the block amid Doha and Ankara’s close ties, provides a likely deterrent against any potential Turkish harassment of vessels offshore Cyprus."

(Source: CNA)

Expectations for 30tcf at 'Electra', Minister calls for patience until drilling

News Feed

Read More