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Cyprus, Eni and KOGAS in LNG cooperation agreement

LNG Industry,

The Republic of Cyprus has signed a Memorandum of Understanding (MoU) with the Eni/KOGAS joint venture for cooperation regarding Cyprus’ potential gas resources valorization, with a focus on an onshore LNG option.

Eni is the operator of blocks 2, 3 and 9 of the Cyprus Exclusive Economic Zone, with 80% participating interest; KOGAS is partner in these blocks, with a 20% participating interest.

Energy Minister

Cyprus Minister of Energy, Yiorgos Lakkotrypis, released the following statement regarding the cooperation:

"The MoU signed today is an agreement between the Republic of Cyprus and the Eni/KOGAS consortium to explore ways of exploiting the potential gas reserves in the Cyprus Exclusive Economic Zone (EEZ), with priority given on the land liquefaction terminal.

“In essence today's signing confirms the commitment of the government to promote the land terminal as the optimal solution for the exploitation of potential deposits of the Republic of Cyprus, provided, of course, that more natural gas quantities will be found. The current agreement also constitutes the completion of a cycle of agreements we have with the licensees of the Blocks- since agreements with Noble and Total have already preceded – with the aim of aligning their actions for the creation of a land natural gas liquefaction terminal.”

Terminal viability?

Lakkotrypis added that indications as to the viability of the LNG liquefaction terminal would not be available until after the first drilling results towards the end of 2014.

Edited from various sources by Katie Woodward

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