Findings so far at Cyprus’ Block 11 have reportedly proved to be somewhat disappointing at around one trillion cubic feet of natural gas discovered, not enough to be commercially marketable on its own.
As reported by Greek-language daily Phileleftheros on Saturday, this also means that the deposit can only be exploited through the development of neighboring deposits.
The paper said this was the impression that had emerged from the preliminary data collected by initial drilling, which ended late on Friday.
Although this is a preliminary report, which will still need to be processed at various levels over the coming period, the picture is not expected to change noticeably, Phileleftheros said.
It also noted that all other expectations, except for the actual quantity of natural gas, were confirmed through the drilling.
Phileleftheros said that while somewhat disappointing for Cyprus, the result has made both TOTAL-ENI and ExxonMobil experts who are closely following developments more optimistic as they consider that the drilling, which is the first outside the Egyptian Zohr in the region, has indicated that the ‘Zohr geological model’ is correct.
The Cyprus News Agency (CNA,) later on Saturday reported that Energy Minister Giorgos Lakkotrypis has been briefed on the results of the exploratory drilling.
“Government sources on Saturday said Energy Ministry experts are evaluating the data before them and on Tuesday Lakkotrypis will inform the House Commerce Committee before making statements to the press.