Nicosia: No immediate exploitation of the ‘Pegasus’ natural gas field is expected, Cyprus’ Minister of Energy, Commerce and Industry, George Papanastasiou, said Saturday, clarifying that several stages of technical and commercial evaluation were required before the gas reached the market.
According to Cyprus News Agency, the Minister explained during an event in Nicosia that the discovery in the ‘Pegasus’ well, located in Cyprus’ offshore block 10, involves a gas-bearing reservoir of approximately 350 meters. This reservoir size suggests the potential for a small to medium-sized deposit, although this will be confirmed through evaluations by the involved company.
Papanastasiou emphasized the technological advancements that facilitated the drilling process, noting the quality and level of technology employed during his recent visit to the drillship. He also addressed queries regarding the potential connection between ‘Pegasus’ and the ‘Glaucus’ well, dismissing the possibility due to their geographical distance.
The Minister pointed out that even if significant quantities of gas are confirmed, several years would be needed before any commercial exploitation could occur. He highlighted the necessity for processing, infrastructure development, and international agreements, which are often complex and time-consuming.
Papanastasiou also discussed existing agreements and potential synergies with neighboring deposits, particularly those in Block 10 and Block 6. He mentioned ongoing consultations between ENI and Total following an agreement with Egypt to connect Cyprus’ ‘Kronos’ gas field with Egypt’s ‘Zohr’, facilitating export through the Damietta infrastructure.
Concerning future endeavors, Papanastasiou noted that while confirmatory drilling of the ‘Pegasus’ well is pending, there is interest in new offshore blocks. Proposals are currently under evaluation to determine the issuance of exploitation licenses to interested companies.