Egypt and Cyprus will look to cooperate in the field of hydrocarbons
and the European nation could even export gas to the North African
country, reports Cyprus News Agency.
According to the news agency, these issues were discussed between the
Cypriot Minister of Energy Yiorgos Lakkotrypis and the Egyptian
Minister of Petroleum Sherif Ismail in Nicosia on Friday.
“We agreed on the immediate establishment of a joint technical
committee, which will look at possible ways of cooperation between the
two countries,” said Lakkotrypis after the meeting.
Cyprus is turning to Egypt in an attempt to examine all possible
options for the exploitation of hydrocarbon deposits found in its
Exclusive Economic Zone, adds Cyprus News Agency.
Lakkotrypis said the since Egypt is facing shortage of natural gas as
a result of growing domestic demand, it is finding it hard to meet its
export contracts.
Egypt, he said, could probably be a potential buyer of Cyprus’ natural gas, reports Cyprus News Agency.
He added that the Technical Committee between Cyprus and Egypt will
examine the technical and economic aspects of this possibility and of
closer cooperation in general.
The committee will be set up immediately and the Minister expressed
hope that in February it will have its first meeting in Cairo, says the
news agency.
Block 12 Cyprus’ Exclusive Economic Zone (EEZ) could hold gas
reserves between 3.6tcf and 6tcf with a gross mean resource of 5tcf,
according to finding of Noble Energy, which operates the block with 70 percent stake.
Total E&P Cyprus Ltd
has been granted a license for seismic exploration for oil and gas in
block 10 and in parts of blocks 6, 7 and 11 of Cyprus’ EEZ, reports Cyprus News Agency.
