Flame ignited above "Saturn 2" – ENI's new drilling successful
Awaiting the thoughts of the EMI company and perhaps a development and production plan for the area "in the next weeks maybe even days", the Government is in relation to the developments regarding the new deposit in block 6 of the Cypriot EEZ, Kronos 2 .
As stated by the Minister of Energy, Trade and Industry Giorgos Papanastasiou, the fact that the new deposit occurs in an area where other deposits have been found both inside and outside the Cypriot EEZ, may facilitate developments in terms of synergies for infrastructure within the Cypriot EEZ.
In his statements on Friday at the Presidential after the conclusion of the session of the Council of Ministers and asked if the flaring of the target Kronos 2 means that good quality natural gas has been found, the Minister of Energy said that the drilling that started on the target Kronos 2 which started before a few months it has been completed a few days ago and how it was a successful drilling at a depth of 5 km.
"A reservoir has been found which is believed to be a rich reservoir and just the fact that we saw a flame on the platform means that there is enough natural gas that we want to see the quality of and that is what the company (ENI) is doing right now he said, explaining that he cannot give more information until the company can come out with an announcement. "Neither for quantities, but just the fact that there is a flame on the platform, this is positive news," he added.
When asked if this is the same reservoir that was found in the same area, Mr. Papanastasiou answered in the negative, explaining that in block 6 (of the Cypriot EEZ) there are the Kronos-1 deposit, the Zeus deposit and the Kalypso deposit, and that the target Kronos- 2 concerns another target in the same well and that the Kronos-2 reservoir is a separate deposit.
He noted that from the moment another amount of natural gas was found in the same well, this means that "the well has started to become of some value and for this value there should be some indication from the company in the coming weeks or even days about with her thoughts, i.e. to give a development and production plan for the region".
He also explained that as the complex of fields in the south-eastern region of the Cypriot EEZ has gathered enough quantities of natural gas, some synergy with the other companies located in the area, namely the Exxon Mobil-Qatar Petroleum joint venture, which manages the block 10 and block 5.
In response to a question whether the Government has started to work out a plan and to think about how the utilization of this natural wealth of Cyprus will proceed. The Minister of Energy reiterated that the discovery of deposits in the seabed is understood to be of no value until there is infrastructure and that this is precisely the whole discussion that is being held with the companies, in other words to create infrastructure, which the Government wants to be in the Cypriot EEZ. "The reason we want them in the Cypriot EEZ is because the only EEZ in the Southern Mediterranean that lacks infrastructure is ours. The rest of the countries in the neighborhood, Egypt, Israel, have infrastructure in their EEZs and we will discuss this very thing with the companies that have found the deposits," he added.
Asked to clarify whether this meant that any new fields bolstered Cyprus' case for infrastructure, Mr Papanastasiou said that as Europe searches for new sources of natural gas, the Eastern Mediterranean region has begun to attract attention, and Cyprus in particular . "The more the quantities increase, the greater the attention of those who want to buy natural gas," he added.
When asked if any proposals for infrastructure would concern all fields, the Minister of Energy said that although it is something he is not aware of, logic suggests that since there are other fields in the area and not only those in the Cypriot EEZ , infrastructures depreciate faster if deposits are connected. "But let's not rush, let's wait and see what the consortium will recommend," he added.
When asked if the Government will insist on the creation of infrastructure as in the case of Chevron, Mr. Papanastasiou explained that each area with deposits is different and that the difference in the case of Kronos-2 is that it is located close to many other deposits in contrast to Aphrodite deposit located alone on the south-eastern side of the Cypriot EEZ. You understand, he continued, that synergies in infrastructure and perhaps outside the Cypriot EEZ, in an area in which there are many fields are much easier and can be done much faster.