THE GOVERNMENT is pressing ahead with the search for hydrocarbons in Cyprus’ exclusive economic zone and will soon launch the next round of offshore licensing, President Demetris Christofias said yesterday.
Christofias made the comments during a tour of Noble Energy’s ‘Homer Ferrington’ drilling rig, located some 160km off the island’s southern coast.
It was the president’s first trip to the rig since US concession partners Noble started an exploratory drill in September.
Christofias was accompanied by Commerce Minister Praxoulla Antoniadou, Agriculture Minister Sofoclis Aletraris, Government Spokesman Stefanos Stefanou and Under-Secretary to the President Titos Christofides.
“It is going well,” Christofias said of Noble’s drilling operations.
Describing the ongoing project in Block 12 as “impressive”, Christofias said his presence at the rig was intended to underscore the sovereign rights of the Republic which, as he put it, “we are determined to exercise”.
Turkey has challenged the jurisdiction of Cyprus in searching for oil and gas. It says any natural resources of Cyprus also belong to Turkish Cypriots.
Other than a symbolic move, Christofias said the reason for the visit was in order for him to gain first-hand knowledge of the endeavour.
“There are many things, serious things, which need to be done,” Christofias said, adding that the government is in the process of thrashing out an overall strategy on how the natural gas would be brought onshore and next how it would be marketed.
“A team of experts has been formed, and also another team of technocrats, and a strategic plan is being forged which we must consider with caution and without too much fuss,” he said.
“It is an endeavour that will guarantee – provided it meets with success – the life, the future and prosperity of generations to come.”
Bringing the gas onshore and commercialising it would take years, said Christofias. “That is why we should all lend a hand, to work for the future generations, irrespective of who will be in power. It is a matter of national significance and that is how everyone – politicians and society at large – should view it.”
Noting that the potential for gas finds should provide an incentive for peace, the president called on the Turkish side to “change its stance, so that we can solve the Cyprus problem as soon as possible and jointly make use [of natural resources] within a bizonal, bicommunal federal Republic of Cyprus.
“Our actions are strictly within the bounds of international legitimacy, and this is what we are doing with Noble and any other partners. I therefore hope that Noble will give us the best possible results as soon as is possible.”
Christofias said also that the second round of offshore gas licensing would be announced “soon”.
Late last week, head of the Energy Service Solon Kassinis revealed that the paperwork is in place with which the government will invite expressions of interest for exploratory drilling.
The results of Noble’s exploratory drilling are expected in early to mid December. Based on pre-drill data, the ‘Aphrodite’ prospect is estimated to contain three to nine trillion cubic feet of gas.
Noble has proposed building an LNG facility on the island to process, store and export both Israeli and (potential) Cypriot gas finds.
Israel’s Delek Group has an option to acquire a stake of up to 30 per cent in Block 12, subject to approval by the Cypriot authorities.
