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Speaking at an energy conference in Nicosia, he said Cypriot
authorities are in early talks with several unidentified
companies regarding exploration licenses for some of Cyprus’ 13
areas, or blocks, inside an exclusive economic zone.
Those talks involve potential partnerships with Italy’s Eni,
France's Total, ExxonMobil and Chevron, which already hold
exploration licenses for 10 blocks.
ExxonMobil and partners Qatar Energy hold concessions in two
blocks, Chevron partners with Shell for one, while a consortium
comprising Eni and Total have seven.
“We encourage the involvement of other companies as well, other
energy giants,” Christodoulides said. “It’s a vote of confidence
for the potential of Cyprus’ exclusive economic zone, but there
are many other political and diplomatic dimensions.”
At least five natural gas deposits have been discovered inside
Cypriot waters – three by the Eni-Total consortium, one by
ExxonMobil and another by Chevron, which is estimated to hold
some 4.2 trillion cubic feet of gas.
Christodoulides said a development plan for one of the Eni-Total
gas fields, which is estimated to hold 2.5 trillion cubic feet
of gas, is expected to be completed “soon.”
Regarding work currently underway to complete a 1.9 billion
euros ($2.1 billion) undersea electricity cable linking Cyprus
with Greece, Christodoulides said Cypriot authorities are in
talks with the United Arab Emirates over joint investment.
The 1,000 MW cable, which has received 657 million euros ($694
million) of funding from the European Union, aims to cut Cyprus’
electricity costs and end its energy isolation.
Christodoulides said EU backing for the project is in line with
the bloc’s aim to achieve energy price parity in all member
states by 2030.
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