Egypt to Explore Idea of Buying Gas from Cyprus

Egypt and Cyprus will look to cooperate in the field of hydrocarbons and the European nation could even export gas to the North African country, reports Cyprus News Agency.

According to the news agency, these issues were discussed between the Cypriot Minister of Energy Yiorgos Lakkotrypis and the Egyptian Minister of Petroleum Sherif Ismail in Nicosia on Friday.

"We agreed on the immediate establishment of a joint technical committee, which will look at possible ways of cooperation between the two countries," said Lakkotrypis after the meeting.

Cyprus is turning to Egypt in an attempt to examine all possible options for the exploitation of hydrocarbon deposits found in its Exclusive Economic Zone, adds Cyprus News Agency. 

Lakkotrypis said the since Egypt is facing shortage of natural gas as a result of growing domestic demand, it is finding it hard to meet its export contracts.

Egypt, he said, could probably be a potential buyer of Cyprus’ natural gas, reports Cyprus News Agency. 

He added that the Technical Committee between Cyprus and Egypt will examine the technical and economic aspects of this possibility and of closer cooperation in general.

The committee will be set up immediately and the Minister expressed hope that in February it will have its first meeting in Cairo, says the news agency.

Block 12 Cyprus’ Exclusive Economic Zone (EEZ) could hold gas reserves between 3.6tcf and 6tcf with a gross mean resource of 5tcf, according to finding of Noble Energy, which operates the block with 70 percent stake.

Total E&P Cyprus Ltd has been granted a license for seismic exploration for oil and gas in block 10 and in parts of blocks 6, 7 and 11 of Cyprus’ EEZ, reports Cyprus News Agency. 

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