Europe could get Cypriot natural gas by 2027, president says

The president of Cyprus says immoderate of the estimated 20 trillion cubic feet of earthy state discovered successful waters disconnected the land federation could scope European markets arsenic soon arsenic 2027

NICOSIA, Cyprus -- Some of the estimated 20 trillion cubic feet of earthy state discovered successful waters disconnected Cyprus could scope European markets arsenic soon arsenic 2027, the Cypriot president said Wednesday, arsenic Europe looks for much ways to wean itself disconnected Russian energy.

President Nikos Christodoulides said that the archetypal quantity of earthy state that could beryllium exported overseas volition travel from the alleged Cronos deposit, which is operated by a consortium made up of Italian institution Eni and French steadfast TotalEnergies.

Christodoulides told an vigor league that the consortium would marque its last determination to determination up with the task adjacent year, with Cronos state perchance reaching a processing works successful the Egyptian larboard metropolis of Damietta for liquefaction and proscription to European markets by vessel successful 2027.

“Cyprus is portion of the vigor solutions for vigor information successful the eastbound Mediterranean and similar I said, it’s an important nonsubjective to align your interests with those of almighty states and to enactment arsenic an alternate vigor corridor for Europe,” Christodoulides said.

Speaking astatine the aforesaid conference, Cypriot Energy Minister George Pananastasiou said that earthy state from the Cronos deposit could scope markets the quickest, due to the fact that it tin beryllium connected to infrastructure already successful spot conveying state from Egypt’s immense Zor deposit astir 80 kilometers (50 miles) away.

Papanastasiou said that a precocious 2027 people day for Cronos state to scope marketplace is “optimistic but doable.”

According to the Cypriot vigor minister, plans to export earthy state from different of Cyprus’ deposits known arsenic Aphrodite foresee the positioning of a floating processing works atop the existent reservoir to modify the hydrocarbon into what helium called “dry gas” that tin beryllium routed straight to consumers wrong Egypt.

The processed state volition scope a installation adjacent Egypt’s Port Said and volition either beryllium utilized for home Egyptian depletion oregon liquefied for export to Europe, depending connected what volition beryllium decided successful further consultations betwixt Cyprus and the deposit’s operator, a concern betwixt Chevron, Shell and Israeli institution NewMed Energy.

Christodoulides said that helium would question to Lebanon adjacent week to exclusively sermon Cyprus’ vigor plans. Cyprus shares maritime borders with Lebanon, but the Lebanese authorities hasn’t afloat ratified an statement delineating the exclusive economical zones of the 2 countries. That has prevented Cyprus from opening up areas abutting Lebanese waters for hydrocarbons exploration.

The Cypriot president said that there’s “interest from vigor giants” to licence much areas — oregon blocks — from wrong Cypriot waters. ExxonMobil and partners QatarEnergy besides clasp hydrocarbon exploration licenses for 2 blocks disconnected Cyprus’ confederate coast.

In 1 block, the concern has made 2 important earthy state deposit discoveries known arsenic Glaucus and Pegasus. Glaucus is estimated to clasp astir 4.5 trillion cubic feet of gas, portion Pegasus’ size is inactive being determined.

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