Cyprus Mail: The new state of play as Cyprus preps for more gas drills

It's been two and a half years since the official announcement of the discovery of natural gas in offshore Block 12, and a great deal has changed here in Cyprus, in the region and also in the global natural gas market. No doubt expectations ahead of the second cycle of prospecting within Cyprus’ Exclusive Economic Zone (EEZ) are cause for excitement. The next two years will be key to the energy (and economic) future of Cyprus and of other countries.

During this time no major hydrocarbons prospecting – aimed at increasing countries’ indigenous reserves – is expected in Europe, with the exception of the United Kingdom and Poland. Cyprus can therefore potentially play a part in boosting EU energy security through the discovery of major natural gas quantities, of the scope of 50 to 60 trillion cubic feet (tcf). The recent interest displayed by Deutsche Bank and by China’s CNOOC in a mooted Cypriot liquefaction terminal also opens up new exciting opportunities for implementing infrastructures and seeking buyers.

What developments have taken place in the space since late 2011 that are relevant to future energy planning?
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