Cyprus Energy Minister Yiorgos Lakkotrypis has expressed disappointment over the fact that a second exploratory drilling in Block 9 of Cyprus’ exclusive economic zone (EEZ) by ENI-KOGAS consortium has not located an exploitable concentration of hydrocarbons, noting however that this does not mean that there are no hydrocarbons in Cyprus` EEZ.
In statements on Thursday after informing representatives of parliamentary parties on the results of the drilling as well as on developments in general in the energy sector, Lakkotrypis noted that the Italian-Korean consortium has submitted a request for the re-evaluation of its geological model within a two-years period.
“They have asked to be given time to re-evaluate the energy potential in the area,” he noted, and added that the ministry and its advisors will look into this request and discuss with the company about the time needed.
As the Energy Ministry officially announced on Thursday, the consortium “is concluding these days its second exploratory drilling `Amathousa` in Block 9 of Cyprus’ exclusive economic zone. The drilling conducted by drilling rig SAIPEM 10000 reached the predicted depth of 5,485 meters without locating an exploitable concentration of hydrocarbons”.
Replying to questions by the press, Lakkotrypis noted that the evaluation on the basis of which the second drilling was conducted indicated four drilling targets, adding that “a re-evaluation could possibly indicate other targets which were not currently approved for drilling operations.”
Furthermore, Lakkotrypis, who also informed on Thursday the Council of Ministers about the results of the drilling, underlined that the first priority right now is the best and fastest exploitation of the natural resources located in “Aphrodite” gas field at the exploratory drilling block 12 in Cyprus` EEZ.
In its press release on Thursday, the ministry said that ENI-KOGAS requested to re-evaluate its geological model based on geological data collected from both drillings, as the findings could help further its exploration programme.