NICOSIA: The “Electra” gas field in Block 5 of Cyprus’ Exclusive Economic Zone (EEZ) holds significant potential, according to energy expert Dr. Charles Ellinas. He advises patience as Exxon Mobil, the company licensed to explore the block, is unlikely to commence liquefied natural gas (LNG) exports from Cyprus before the next few years.
According to Cyprus News Agency, Dr. Ellinas highlighted the positive indications for Block 5, suggesting that a major discovery could occur by 2025. However, he cautioned against expecting immediate developments, noting that Exxon Mobil is known for its cautious approach to projects, taking time before advancing to subsequent stages.
Dr. Ellinas emphasized that Exxon Mobil is searching for substantial reserves and aims to construct LNG export terminals. He speculated that if the company discovers between 15 to 30 trillion cubic feet of natural gas, it may proceed with exporting LNG in the future, incorporating resources from the “Glafkos” field and other ENI fields. Nonetheless, he indicated that such developments would likely not materialize within the next one to two years.
Exxon Mobil’s global strategy includes increasing LNG production and exportation, and a successful discovery in Cyprus would be pivotal in this effort, Dr. Ellinas noted. The company also plans to drill in Block 10 at the “Pegasus” field, where prospects are similarly promising. Dr. Ellinas expressed hope that Exxon Mobil’s endeavors in the “Glaucus,” “Pegasus,” and “Electra” fields will lead to substantial investment and enhanced LNG production, while urging stakeholders to remain patient.
Furthermore, Dr. Ellinas underscored the importance of transporting natural gas to the Vasilikos terminal in Cyprus, a task he deems crucial and urgent. He suggested that achieving this by the end of 2025 would be ideal, although he expressed skepticism about meeting this timeline.
The arrival of natural gas in Cyprus has significant implications for the country’s energy costs, with potential reductions in electricity prices by 35-40%. Dr. Ellinas stressed the importance of expediting the project, emphasizing that it is under Cyprus’ control and does not rely on third parties.