ENERGY: Cyprus expects to announce new gas discovery in coming weeks

Energy Minister George Lakkotrypis said on Thursday he expects to be informed within the next couple of weeks about a new discovery of natural gas resource at the Calypso well in Block 6 of Cyprus’ Exclusive Economic Zone (EEZ).

“I expect during the coming days, the next one or two weeks that they (Eni-Total consortium) will present to me the data for the discovery in Calypso,” Lakkotrypis said.

Last year, Italy’s energy giant Eni said that it made a lean gas discovery off the coast of Cyprus after drilling an exploratory well at Calypso, in which France’s Total also has a stake.

“The well, which was drilled in 2,074 meters of water depth reaching a final total depth of 3,827 meters, encountered an extended gas column in rocks of Miocene and Cretaceous age,” Eni said in a 2018 statement. “The Cretaceous sequence has excellent reservoir characteristics”.

It said the Calypso “is a promising gas discovery and confirms the extension of the Egypt’s ‘Zohr-like’ play” into the Cypriot EEZ.

As regards the big find at Glafcos-1 in Block 10, the Minister said that based on the contract ExxonMobil and Qatar Petroleum consortium have "30 days to inform us about its intention, whether a confirmation drill needs to be undertaken, and after that they will tell us within three months when and where this will be done”.

“Therefore, we still have some way to go. When we have news, we will announce it,” said Lakkotrypis.

Energy colossus ExxonMobil and Nicosia announced last week a discovery of a natural gas resource of approximately 5 to 8 trillion cubic feet in Cyprus’ offshore block 10, at the Glafcos-1 well.

It is the biggest gas discovery offshore Cyprus so far and the third largest worldwide in the past two years.