The discovery of natural gas in the Cyprus Exclusive Economic Zone (EEZ) coupled with the successful second licensing round for Oil and Gas blocks that Cyprus has completed marks the dawn of a new era in offshore conventional energy in the EU and the Eastern Mediterranean. Consequently, projects worth a few billion each open up new possibilities for collaboration between international and local companies.
Granted the Republic of Cyprus is a newcomer as far as exploration of Offshore Oil & Gas fields is concerned. The Oil & Gas developments in Cyprus imply the necessity for increasing support to businesses pursuing an establishment in the sector. As new Offshore Oil and Gas fields are discovered large project cargo shipments are often required to get the specialized oil & gas equipment to the locations, with specialized project forwarding expertise, geographical understanding and flexibility Interfreight Logistics has developed the corresponding functional support that businesses require.
We are dedicated to solving freight problems by applying our extensive knowledge to find innovative logistics solutions, encompassing areas such as project cargo, heavy lifting, subsea and break bulk.
Cyprus gets a step closer to materializing its ambition of becoming a regional energy hub by planning the construction of a liquified natural gas terminal on its island. Results from the Cyprus A-2 well have confirmed substantial recoverable natural gas resources and high reservoir deliverability.
NOBLE Energy operates Block 12 offshore Cyprus with a 70% working interest. Delek Drilling and Avner Oil Exploration each have 15% working interest. Evaluation of drilling data, wireline logs and reservoir performance information has resulted in an updated estimate of gross resources of the field ranging from 3.6 trillion cubic feet (Tcf) of natural gas to 6 Tcf, with a mean of approximately 5 Tcf. The Cyprus A structure represents the third largest field discovered to date within the Deepwater Levant Basin.
Italian Energy company ENI and Korean energy company KOGAS will start exploratory drilling for natural gas in Cyprus’ Exclusive Economic Zone (EEZ) in the second half of 2014 (Blocks 2,3 and 9). ENI-KOGAS signed an exploration and production-sharing contract with the Cypriot government in early 2013 to search for hydrocarbons in three offshore areas.
French company TOTAL also granted hydrocarbon exploration licenses in Cyprus’ Exclusive Economic Zone. The company will proceed with two-dimensional seismographic studies in block 10 and three-dimensional ones in block 11. The company would proceed with oil and natural gas drillings.