Cyprus Sees EU As Primary LNG Export Market

5 Oct 2012 Issue: 55 / 41

With the discovery last year of natural gas in Block 12 offshore Cyprus and an estimated 7 tcf sitting some 185 km south of the island, the government’s immediate task is to develop the gas for domestic use and work through a commercial proposition with operator Noble Energy to move it to global markets.

Nicosia has already identified the EU as a priority target market and announced earlier this year that it had decided to proceed with plans to build a LNG facility on the island’s southern coast.

“LNG is the only realistic and viable way to deliver Cyprus natural gas to the international market,” Neoclis Sylikiotis, Minister of Commerce, Industry and Tourism, told the EuroMed Exploration and Production Summit in Larnaca, Cyprus, on 25 September. “Indigenous gas deposits will contribute first to Cyprus’ energy independence, which is a prerequisite for economic and social growth,” he said. “Secondly, our natural gas resources will integrate Cyprus with other oil and gas networks and provide a new energy source for the EU. This will in turn create conditions for Cyprus to become a regional energy hub.” (CONTINUED - 909 WORDS)