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ECONOMY

Cyprus to Continue Efforts Even If No Significant Gas Reserves Are Found Soon

Cyprus to Continue Efforts Even If No Significant Gas Reserves Are Found Soon

Cyprus will not close its hydrocarbons chapter in the event that no significant gas reserves are found in its Exclusive Economic Zone (EEZ) during the forthcoming drillings, Toula Onoufriou, Chairwoman of the Board of the Cyprus Hydrocarbons Company (CHC), has said.
 
Speaking on Friday to journalists during the presentation of the work of the CHC, which is the National Oil and Gas Company of Cyprus, Onoufriou said that even if no significant reserves are found soon, the hydrocarbons chapter will not close, and noted that ‘we must continue to support and strengthen our efforts". She referred to the example of the Zohr gas field offshore Egypt, where several drillings took place before achieving the desired outcome, the Cyprus News Agency reports.

Onoufriou also said that even with smaller quantities, either of Cyprus or in cooperation with the countries in the region, the necessary infrastructure can be built and they can address themselves to the markets that can make the best use of them.

In addition, she pointed out Cyprus’ important role in bringing together the countries of the region and support an effort that would be to the benefit of Cyprus but Europe as well.

‘Cyprus has the potential to become a center of knowledge, know-how, education and innovation research and this is something to which it has to invest’, she pointed out.

Meanwhile, CHC Director General Panos Kelamis said that the sector opens up great opportunities for the government, the private sector and the academic community, noting that each and every one of them can contribute to the efforts.  Energy, he pointed out, is linked with economic prosperity and more jobs.

Replying to questions, Kelamis said that Egypt is the best trade deal that Cyprus can proceed with at the moment, but noted that at the same time more options are being examined.

During the presentation of the CHC’s work since its establishment in 2014, it was said that the significant reduction in the cost for the development of the Aphrodite gas field in Cyprus’ EEZ, by almost one billion euro is only one example of the achievements of the CHC in the last years.

At the same time it was said that significant progress has been made as regards the agreement with the companies in Egypt.
 
According to its website, the CHC’s vision is optimum exploitation of hydrocarbons reserves present in the Exclusive Economic Zone of the Republic of Cyprus in order to maximize the benefits for the Cypriot society and for future generations.

The company’s vision is compatible with the policy established by the Council of Ministers.   

As a state-owned company, CHC has the mandate to act as the technical and commercial arm of the Government of Cyprus on matters relating to exploration, production and monetization of Oil and Gas reserves from the Exclusive Economic Zone of Cyprus.

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