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The development of natural gas sources in Cyprus

01.08.2014

On Wednesday, 30 of July in the capital of Cyprus, Nicosia, Cyprus Government and representatives of the Italian and South Korean companies ENI-KOGAS signed a preliminary agreement to form a joint venture for the exploration and the development of sources of natural gas in Cyprus.

Bear in mind, that the results of test drilling have revealed that in the gas field of "Aphrodite" there was allegedly discovered 140 billion cubic meters of gas and it is the third largest one after Tamar and Leviathan gas fields in Israel.  The drilling will start by the end of this summer in gas field numbered of economic zone (EEZ) of Cyprus. From the official statement by the Minister of Energy, Commerce, Industry and Tourism George Lakkotrypis: "In accordance with the Memorandum of Understanding, Cyprus aspires to act in the direction of searching all possible cooperation related to the valorization (the activities undertaken by the revaluation or higher cost) of its own gas resources, with this priority is given to exploring the possibility of construction of the onshore plant to liquefy natural gas (LNG).”

He also noted that the studying of field area 9 and the formation of gas below it called Onasagoras, has revealed high hopes for the government. Soon this site will start assembling the rig, which will arrive from the country of Mozambique.

Moreover, there are high expectations for good results from other sites such as: Zinon, Kiniras, Amathousa, Euagoras and Praxandros. These gas fields were found in the EEZ site areas 2, 3 and 9. The operator of three blocks holding 80 percent of interest shares is an Italian company ENI, and the rest 20 percent of shares are held by its partner company KOGAS.

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