Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



Eni/Total find natural gas off Cyprus in field close to Zohr

ATHENS (Reuters) - Italy’s Eni and France’s Total have discovered a promising natural gas field off Cyprus, Eni said on Thursday, saying the find looked geologically similar to the mammoth Zohr field off Egypt.

Further analysis was required to determine the range of gas volumes and define further exploration and appraisal operations, Eni said.

“Calypso 1 is a promising gas discovery and confirms the extension of the ‘Zohr like’ play in the Cyprus Exclusive Economic Zone (EEZ),” Eni said in a statement.

Zohr2
Zohr holds an estimated 30 trillion cubic feet of gas, the largest ever discovered in the Mediterranean.

Eni is the operator of the offshore block with a 50 percent participation interest, while Total is a partner with the remaining 50 percent.

The Italian oil and gas group reported the Zohr discovery in 2015. Located in the Egyptian offshore Shorouk block about 190 km north of Port Said, Zohr holds an estimated 30 trillion cubic feet of gas, the largest ever discovered in the Mediterranean.

Calypso in Cyprus’s waters is an estimated 80 km away.

In Nicosia, Cypriot Energy Minister Yiorgos Lakkotrypis said an “extensive column” of clean natural gas was discovered.

“This is a particularly positive development because it is the second substantive discovery in the Cypriot EEZ (exclusive economic zone), which increases the reserves of Cyprus in natural gas,” Lakkotrypis said, referring to an earlier discovery of about 5 tcf in 2011.

Perched on the maritime edge of two massive gas finds in the Levant Basin - Leviathan off Israel and Zohr off Egypt, Cyprus, which still relies on heavy and expensive fuel oil for its power stations, has been keen to emulate its neighbours’ success.

But it also lies in a region of overlapping rivalries and geopolitical risk.

Cyprus is ethnically divided, and Turkey, which supports a breakaway Turkish Cypriot state in north Cyprus, says Greek Cypriots have no jurisdiction to explore for natural gas. Greek Cypriots say it is their sovereign right.

Greek Cypriots run Cyprus’s internationally recognized government and has agreements in place on its EEZ with Egypt, Israel and Lebanon.

Turkey maintains that some of those boundaries fall onto its continental shelf. Parts of block 6, where Calypso is located on its fringe, is one of them, Ankara says.

Although Cyprus and Turkey have been verbally jousting for years, the disagreement triggered an unusual rebuke from Egypt on Wednesday. Any attempt by Turkey to diminish Egyptian economic interests - by contesting its 2003 EEZ accord with Cyprus - was “rejected and would be confronted”, its foreign ministry spokesman said in a statement.


Reporting by Michele Kambas; editing by Jason Neely and David Evans


Copyright © 2018. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
The US Energy Information Administration (EIA) reported in April that the US set records for natural gas production in 2017.
EWAnalysis
- Energy Web Atlas
Since market reforms first started in 1978, China has shifted from a centrally planned economy to a market-based economy, experiencing rapid economic and social development.
Industry Perspectives
-Eugene Gerden
Russia aims to ally with Qatar in LNG competition with Australia and other LNG-exporting majors over the coming years.


Maximize Profitability with Advanced Analytics at Natural Gas Processing Plants

View On-Demand

Incorporating economic data into process modeling is key to optimizing operations and maximizing profits at gas processing plants. However, maintaining optimal operations are often challenging due to changing market dynamics, contract structures and increasing process flexibility. Today, gas processors are leveraging Predictive Control and First Principles models to accurately determine and control the optimal operating targets in real time based on the most current plant conditions and profitability, optimizing recovery of natural gas liquids. Learn how real-time analytics, combined with decision support tools, empower companies to:
•Improve processing margins by up to 5%
•Maximize NGL production through improved availability and optimized process conditions
•Improve compositional control to operate closer to product specifications

May 22, 2018 10am CDT

View On-Demand

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2018 Gulf Publishing Holdings LLC.