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Hydrocarbon Exploration Activities Offshore Cyprus Solon Kassinis Director - Energy Service Ministry of Commerce, Industry & Tourism Republic of Cyprus.

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Presentation on theme: "Hydrocarbon Exploration Activities Offshore Cyprus Solon Kassinis Director - Energy Service Ministry of Commerce, Industry & Tourism Republic of Cyprus."— Presentation transcript:

1 Hydrocarbon Exploration Activities Offshore Cyprus Solon Kassinis Director - Energy Service Ministry of Commerce, Industry & Tourism Republic of Cyprus Delegation of French Oil & Gas Companies Nicosia, 05 December 2012

2 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Block 12 Oct. 2008: Exploration Licence and PSC with Noble Energy International Ltd Sept. 2009: 469 sq km 3D seismic survey (Prospect: Aphrodite) Jun. 2011: 4,000 km 2D seismic survey + Grav & Mag Surveys Sept. 2011: First Exploratory Well Oct. 2011: First Renewal of the Exploration Licence – 25% Relinquishment

3 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Block 12 Natural Gas Discovery 28 Dec tcf gross mean estimated resources 40 sq. miles field area 5,860m total depth 1,688m water depth

4 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Next Steps: Appraisal Drilling An appraisal well is planned to be drilled in Aphrodite field within the first quarter ,950m total depth 1,730m water depth Preparation of tenders for the appraisal drilling under progress The whole appraisal process is anticipated to be completed by early 2015 ENSCO 5006

5 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Next Steps: Upstream Development Verification (exploratory) well drilling Reservoir appraisal and assessment Studies on the installation of offshore and onshore equipment Production drilling and well completion Subsea system installation Deep water host commissioning Export pipeline installation

6 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Next Steps: Pipelines Studies are underway regarding the pipeline routing from the gas field to Cyprus shore Gas Supply from Block 12 via pipeline: Interim Solution: Proposals for the transport of natural gas to Cyprus for meeting its domestic demand under evaluation Subduction Zone Submerged Canyon Complex

7 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Next Steps: Downstream Development The political decision for the establishment of an onshore LNG plant has been taken Available land for the construction up to 3 trains (5MT/year each) Additional gas flows from other upstream fields (EEZ of the Republic of Cyprus and the neighboring countries) will be handled by the plant It will be the largest investment in the island's history Indicative timetable for project competition: 2019

8 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Next Steps: Downstream Development LNG Export to Regasification Terminals

9 REPUBLIC OF CYPRUS Energy Service – MCIT LEGEND Existing pipeline Planned pipeline Tans-Med Gas Pipeline Compressor Station Gas Discovery - Next Steps: Downstream Development Natural Gas Pipeline: Israel-Cyprus-Greece

10 REPUBLIC OF CYPRUS Energy Service – MCIT Gas Discovery - Next Steps: Downstream Development Undersea Electric Power Line: Israel-Cyprus-Greece

11 REPUBLIC OF CYPRUS Energy Service – MCIT Natural Gas Supply to Europe (2011) LNG Qatar: 43 bcm Algeria: 13 bcm Nigeria: 14.5 bcm Egypt: 4 bcm Trinidad Tobago: 4 bcm Norway: 2.5 bcm Source: BP Statistical Review of World Energy LNG Flows Pipeline Gas Flows Pipeline Gas Russia: 115 bcm Norway: 93 bcm Algeria: 33 bcm

12 REPUBLIC OF CYPRUS Energy Service – MCIT Natural Gas Demand in Europe Source: Eurostat & Eurogas Primary Energy Consumption (Μtoe) Natural Gas Share in EUs Primary Energy Consumption (%)

13 REPUBLIC OF CYPRUS Energy Service – MCIT Natural Gas Demand in Europe Source: Eurogas Necessary Additional Natural Gas Supplies up to 2030 Natural Gas Production within EU declines The share of Natural Gas in EUs primary energy consumption will remain high i.e. mainly for power generation purposes The exploitation of shale gas faces environmental challenges The North East Mediterranean Region could be a new source for Natural Gas Supply to Europe

14 REPUBLIC OF CYPRUS Energy Service – MCIT More Gas (Oil?) Discoveries are coming… 2nd Licensing Round: 11 Feb. – 11 May 2012 Available Blocks: 1-11 & 13 Number of Applicants: 15 Companies/Consortia Number of Applications Submitted: 33 Negotiation Phase Blocks 2 & 3: ENI-KOGAS Block 9: Total-Novatek-GPB Block 11: Total

15 REPUBLIC OF CYPRUS Energy Service – MCIT 2 nd Licensing Round Block 2 Water Depth: ,051 m (average 1,575 m) Average Distance from Vasilikos: ~75 km Block 3 Water Depth: ,020 m (average 1,481 m) Average Distance from Vasilikos: ~125 km Block 9 Water Depth: 1, ,351 m (average 2,108 m) Average Distance from Vasilikos: ~105 km Block 11 Water Depth: 1, ,186 m (average 1,621 m) Average Distance from Vasilikos: ~190 km Extensive Existing Seismic Data: 2D seismic grid 5x5km 659 sq. km 3D (2007) seismic data in Block 3 Proposed Working Program for Blocks 2, 3, 9 & 11: Extensive 2D & 3D seismic surveys 1 / 2 exploratory wells for the first exploration phase (3yrs)

16 REPUBLIC OF CYPRUS Energy Service – MCIT Cyprus' Energy Profile Will Change Radically… New Exploration Licenses (more hydrocarbon discoveries) Proposals for gas supply as interim solution (2015) Gas Supply to Cyprus via Pipeline Establishment of LNG plant for gas transport to EU and the International Markets Other options for gas monetization: Gas export pipeline GTL Petrochemicals Cyprus can develop the necessary infrastructure for providing services to drilling activities

17 REPUBLIC OF CYPRUS Energy Service – MCIT Thank you for your attention!


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