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Cyprus Natural Gas Development Will Accelerate

Cyprus Natural Gas Development Will Accelerate

The best immigration information on Cyprus natural gas development will be available on the WorldWay Immigration Investment official website.

WorldWay Immigration5252 reads

This year and next, the exploration and development of natural gas in Cyprus will accelerate. The French company Total has currently obtained the extraction rights for Blocks 10 and 11 and has signed a production sharing agreement with the Cypriot government, revealing that drilling is expected to begin in mid-2015, and two-dimensional seismic exploration will also be conducted on several other blocks.
 
The consortium formed by the Italian company Eni and the Korean Gas Corporation (ENI-KOGAS) has obtained the extraction rights for Blocks 2, 3, and 9, planning to start drilling the first well by the end of the second quarter of this year, with more wells to be drilled next year.
 
The American company Noble has discovered 50 trillion cubic feet of reserves in Block 12 and will drill another well in this block within the year. A liquefied natural gas production line requires at least 55 trillion cubic feet of natural gas reserves, and the currently proven reserves in the Cypriot Exclusive Economic Zone do not meet this minimum requirement.
 
Source: Ministry of Commerce website

Investment involves risks, the above information is for reference only

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