neo April 2, 2015 No Comments

Energy Minister Giorgos Lakkotrypis said on Tuesday that Noble Energy and Delek, which hold the concession for offshore Block 12 of the Cyprus Exclusive Economic Zone, is expected to submit in the coming weeks their development plan for the natural gas reserves they detected.

The Minister also said that the plan will describe in detail the ways in which the subsea infrastructures will be employed for the exploitation of the reserves, as well as the potential markets which this exploitation will target. The markets already approached by Noble Energy and Delek are Cyprus, Egypt and possibly Jordan.

Lakkotrypis clarified that though the government is still waiting for the development plan, preliminary plans are looking at a floating production, storage and offloading (FPSO) vessel combined with subsea pipelines to the possible destinations.

The FPSO is essentially a platform producing and treating the gas on-site. The gas would then be piped to existing LNG facilities in Egypt.

Asked about the cost of developing the concession, Lakkotrypis said they had some estimates available, but declined to disclose them until the government had in its possession the development plan.