Lakkotrypis expects soon “striking developments” in oil & gas

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By Andria Kades

Energy minister Yiorgos Lakkotripis said he expects “striking developments” in the energy sector in the coming weeks for Cyprus, the Cyprus News Agency reported today.

Lakkotrypis was speaking at the Cyprus Investment Forum at the New York Harvard Club.

“We are at the point where we move from exploration to exploitation,” the minister said and added that the vice-chairman of Noble Energy Inc., the Houston-based company which leads efforts to exploit the Aphrodite gas field, Cyprus’s first and so far only gas find, is due to visit the island next week.

Lakkotrypis added that he also expects the activity report by Delek, the Israeli partner company of Noble, to come out, which will outline the next steps about commercial exploitation of the finding in the Cypriot exclusive economic zone.

The energy minister said that Cyprus is currently eyeing two market to export its gas with Egypt being the first choice, and Jordan being a possible alternative, adding that the main question is finding credible partners to take on related responsibilities, he said.

As Egypt seems to be an attractive market, Cyprus will move towards that direction even as it has not yet been decided with whom it will enter an agreement.

Cyprus and Egypt signed in February a memorandum of understanding concerning the possible sale and transport of natural gas from Aphrodite to Egypt’s underutilised liquefaction plants in Idku and Damietta via pipeline.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]