Energy Minister Yorgos Lakkotrypis was set to brief MPs on the recent preliminary findings of Block 11 within Cyprus’ Exclusive Economic Zone (EEZ) on Tuesday.
The minister was expected to brief the House Commerce Committee on the recent drilling at the ‘Onisiforos’ reservoir – which had been contracted to energy giants TOTAL and ENI. The data from the drilling has already been reviewed and assessed by the Energy Ministry.
Lakkotrypis will speak to reporters once he has finished his talks in parliament.
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Media reports had claimed that the initial results were disappointing, since, despite hopes of a huge find due to the drilling spot’s proximity to Egypt’s giant Zohr gas field, less than 0.5 trillion cubic feet (tcf) of natural gas was found.
The total evaluation of the drilling results will take further time to be assessed and the initial results are not final.
Nonetheless, the finding that the geological structure of the reservoir is very similar to that of Zohr suggests that significant gas reserves exist in the region.
With drilling in at least four, and possibly five, other locations scheduled for 2018, hopes remain high that a substantial find is in the cards, the reports said.