• 1 hour Russia Approves Profit-Based Oil Tax For 2019
  • 5 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 7 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 9 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 11 hours Aramco In Talks With Chinese Petrochemical Producers
  • 12 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 14 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 20 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 1 day Keystone Pipeline Restart Still Unknown
  • 1 day UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 1 day Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 7 days Iran Prepares To Export LNG To Boost Trade Relations
  • 7 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
Fuel Crisis Hits Kazakhstan Hard

Fuel Crisis Hits Kazakhstan Hard

Amid an ongoing fuel crisis,…

Europe’s Toxic Radiation Cloud Remains A Mystery

Europe’s Toxic Radiation Cloud Remains A Mystery

Last month’s mysterious radiation cloud…

New Gas Discovery Offshore Cyprus Not Commercially Viable

Gas

Eni and Total have discovered gas while drilling in Cyprus waters close to the giant Zohr gas field discovery offshore Egypt, but the estimated quantity of the newly discovered field is too small to develop on its own, Cypriot Energy Minister Yiorgos Lakkotrypis said on Tuesday.

The field contains less than 0.5 trillion cubic feet of gas, but the drilling proved that the Zohr-type geological model works, Lakkotrypis told reporters, as carried by Associated Press.

“We’re not disappointed with this drilling,” the minister said, adding that “It leaves us optimistic for the future.”

The consortium of Total E&P Cyprus and Eni Cyprus Limited, holder of an exploration license for Block 11 within the Exclusive Economic Zone of Cyprus, started drilling at the “Onesiphoros West 1” well on July 12. Back then, the drilling operations were expected to be completed within 75 days.

The consortium has to notify Cyprus within 30 days if it plans to continue drilling in Block 11, Minister Lakkotrypis said today.

Although the gas found in the well is not enough for a standalone commercial development, it “raises prospects about the geological structures found in other Blocks” that are similar in nature to Zohr and Onesiphoros, the minister noted. 

Following the giant Zohr gas discovery offshore Egypt in 2015, Cyprus has boosted efforts to award drilling licenses and hopes that the geology of Zohr extends into Cyprus’s exclusive economic zone, Lakkotrypis said in May this year.

In March 2015, Cyprus and Total signed an agreement regarding further exploration works in the exclusive economic zone of Cyprus, which Total will undertake in order to further assess the prospects of exploration block 11.

Related: Unknown Oil & Gas Deal Just Changed The Global Energy Balance

At the time, Eni had not announced yet that Zohr was a “sensational discovery”. This was confirmed in August 2015, when the Italian group said that it had discovered the biggest ever natural gas field in the Mediterranean that could hold a potential of 30 trillion cubic feet of lean gas in place.

Earlier this year, ExxonMobil and Qatar Petroleum signed an exploration and production (E&P) sharing contract with the Cyprus government, and will start drilling in a block offshore Cyprus in 2018.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News