By Michele Kambas
NICOSIA, – Cyprus is contemplating a brand new licensing spherical for offshore pure fuel exploration as demand stays sturdy regardless of international makes an attempt to maneuver away from fossil fuels, its power minister stated.
Tucked within the north-eastern nook of the Mediterranean, Cyprus has reported a number of discoveries since 2011 containing an estimated 15-16 trillion cubic ft of untapped pure fuel – the equal of practically half the yearly output of the US, the world’s largest producer.
That has spurred curiosity from worldwide corporations amid uncertainty about provides from Russia since its full-scale invasion of Ukraine in 2022, and about the way forward for new liquefied pure fuel initiatives.
“We’re within the means of evaluating potential curiosity,” Vitality Minister George Papanastasiou informed Reuters when requested concerning the potential for a brand new licensing spherical. “Upon seeing some curiosity we might resolve to go for one more licensing spherical, sure.”
The east Mediterranean has yielded main fuel discoveries prior to now decade, largely off Israel and Egypt. Cyprus has 13 offshore blocks, 10 of that are below licence to power majors together with Eni, Exxon Mobil Chevron and TotalEnergies.
Blocks on supply might be both these not below licence, or blocks the place operators might want to relinquish their licence, Papanastasiou stated, with out going into element.
“If we see any proof that a few of these blocks could also be launched, we might resolve to go for one more licensing spherical,” he stated.
Papanastasiou, who labored with power majors for 40 years earlier than his appointment as power minister in 2022, was just lately in Abu Dhabi, the place he had contacts with senior officers of United Arab Emirates’ large Abu Dhabi Nationwide Oil Co. .
The potential for the area was persevering with to generate curiosity, he stated.
“We have to develop this wealth … and that is what we intend to do,” he stated.
Cyprus has a goal of producing 33% of its power from renewable sources by 2030, up from 19% in the present day. However regardless of virtually year-round sunshine, a scarcity of energy storage and an ageing grid have restricted renewable output, particularly for photo voltaic.
Within the coming weeks, authorities will launch tenders for photo voltaic battery storage services that can assist meet these targets, the minister stated.
“We imagine it’s achievable” to fulfill the targets, he stated.
Nonetheless, he acknowledged that pure fuel was enticing – it’s much less polluting and cheaper than the heavy gas oil now firing the grid.
“Pure fuel nonetheless has a number of a long time of survival, of life on this combine.”
Papanastasiou stated he anticipated a fuel area found in 2022 by Italy’s Eni and France’s TotalEnergies can be the primary to enter manufacturing, round 2027, whereas one other operated by U.S main Chevron can be nearer to 2029 or 2030.
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