THURSDAY, 21 SEP 2017

 

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ECONOMY

Lakkotrypis: Onisiforos Well is Non-Commercial

Lakkotrypis: Onisiforos Well is Non-Commercial

The Onisiforos well in Cyprus’ exclusive economic zone (EEZ) is estimated to have less than half a trillion cubic feet (tcf) of natural gas, Energy Minister Yiorgos Lakkotrypis has said.

Addressing a press conference, in Nicosia, after the completion of a drilling operation by energy giants ENI and Total in EEZ block 11, Lakkotrypis also said that the outcome means that the reserve is commercially not a stand-alone project.

The minister added, however, that results are encouraging, in the sense that they confirm the existence of natural gas and a carbonate reservoir within Cyprus’ EEZ, similar to the one discovered in Egypt’s Zohr field, the Cyprus News Agency reports.

 

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