ENERGY: Cyprus eyes 10 drills over the next two years

Energy Minister George Lakkotrypis said that over the next two years five exploratory and five confirmatory gas drills will be carried out in licensed blocks of Cyprus’ exclusive economic zone (EEZ).

He told the Economist Conference in Athens that recent findings of natural gas in the Cyprus’ ΕΕΖ by ExxonMobil and Qatar Petroleum could cover over 40% of Europe’s gas needs for 2018.

“It is a very important finding which will help us to proceed with the creation of an energy corridor that will interlink producer countries with consumer and transport countries,” Lakkotrypis said.

On Turkish illegal activities in Cyprus waters the Minister expressed the view that Turkey’s goal is to create conditions of instability in the Eastern Mediterranean and to deter big energy companies from investing in the region.

Lakkotrypis also said that Turkey could participate in the East Med Gas Forum, thus becoming part of the solution, not part of the problem.

He said the Cypriot government has repeatedly called on Turkey to discuss the delimitation of maritime zones, however Ankara has not responded.

Turkey started drilling off Cyprus in May with Turkish drill ship Fatih anchored in an area that falls within the EEZ and continental shelf of the Republic of Cyprus.

A second Turkish drill ship, Yavuz, arrived off the island’s north-eastern coast last week.