The latest developments may have a positive impact on the development programme of Cyprus' fields and some discussions have already taken place with the Egyptian Oil Minister, while in April she will meet with her Israeli counterpart, Energy, Trade and Industry Minister Natasha Pileidou said.
Asked to comment on a statement from the US State Department on the importance of the Eastern Mediterranean region in energy and the new role of Cyprus and whether this will change the plans to accelerate the exploitation of discovered resources. Pileidou said that the Egyptian Minister of Petroleum has already made relevant contacts with the EU and neighboring countries, such as Israel, because "it is very important to identify the necessary synergies so that the Eastern Mediterranean can play this role, one of the energy sources that can offer alternatives both in the EU and internationally."
The companies operating in Cyprus, he continued, are already taking these facts into account and are trying to find ways to cooperate so that the investments that need to be made can be made in the best possible and economical way in order to benefit the Republic of Cyprus and the companies in the best possible way. "We expect and hope that the drilling activity will continue through 2022, but also the analysis of the data in order to speed up the procedures," he noted.
Asked if he has any update from the consortium on the Glafkos block, the Energy Minister referred to the importance of studying the data and the interconnections that exist between the fields that have been discovered in order to calculate the quantities accurately. A little more patience is needed, she added, saying that around mid-May they will possibly have the first information on the quantities in the Glafkos block.
Asked whether she believes that the geostrategic value of the East Med should also be highlighted now. Pileidou said that geopolitically EastMed has great value, there are other projects under study that have value for the emergence of the Eastern Mediterranean as a regional - at least a regional - energy supply centre with natural gas and renewables through interconnection, such as EuroAsia, which is "equally important and has secured funding."
All these tools and perspectives, he said, are emerging in discussions with the EU, which has recognised the importance of gas as a transitional fuel, to a much greater extent now than before.
For East Med, he added, available volumes play a very important role. He will also discuss the issue with the Israeli Energy Minister when she visits the country on April 11, when she may have an update on how Israel intends to proceed.
He also said that representatives of the companies operating in the Aphrodite and Ishai blocks will be present at the discussions in Israel.
Source: CNA
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