The Promising Future of Cypriot Gas
The discovery of vast natural gas reserves in the Eastern Mediterranean has positioned Cyprus as a significant player in the global energy market. Among the various gas fields in the region, the Aphrodite gas field stands out as a key contributor to Cyprus’ growing natural gas industry. The development of Aphrodite has the potential to transform Cyprus into a major exporter of liquefied natural gas (LNG) and bolster its economic standing. Moreover, the country is still tapping into other promising fields, including Glaucus and Calypso, showing Cyprus great natural gas potential.
Aphrodite: Successful Story
Discovered by Chevron in 2011, the Aphrodite gas field marked the first major gas find offshore Cyprus. Located along the Cyprus-Israeli border, opposite Israel’s Leviathan gas field, Aphrodite shares a strategic position that opens up opportunities for collaboration and integration with existing gas infrastructure.
Aphrodite holds an estimated 124 billion cubic metres of gas. NewMed has a 30% stake in the field, while Chevron and Shell hold a 35% share each, according to Reuters.
The collaboration between Chevron and the Cypriot government to develop the Aphrodite gas field highlights the commitment to harnessing the potential of this gas field and integrating it with existing infrastructure. By synergizing Aphrodite’s gas with Israeli throughput bound for Egyptian gas liquefaction plants, Cyprus can maximize the value of its natural resources and contribute to regional energy stability.
Glaucus, Calypso to Support Cypriot Production
Glaucus gas field is another significant discovery in the Eastern Mediterranean. With preliminary estimates suggesting in-place natural gas resources of 5 trillion to 8 trillion cubic feet (Tcf), according to ExxonMobil’s website. Glaucus has the potential to add substantial volumes to Cyprus’ natural gas reserves. While the results of the Glaucus-2 appraisal well are yet to be reported, the outlook for this gas field remains promising. ExxonMobil’s partnership with Qatar Petroleum International Upstream in operating Block 10 further strengthens the potential for successful development and production in the region.
Meanwhile, the success of the Calypso-1 well, drilled by Eni and TotalEnergies in Block 6, has significant implications for Cyprus’ gas industry. “Calypso 1 is a promising gas discovery and confirms the extension of the “Zohr like” play in the Cyprus Exclusive Economic Zone,” Eni declared in 2018, referencing the massive Zohr gas field discovered in Egypt’s Shorouk block in 2015. This confirmation highlights the petroleum-rich nature of the geology in the region, reinforcing the potential for significant gas reserves in Cyprus.
Export Plans
The significance of the recent gas discoveries in Cyprus extends beyond their economic potential. Eni and TotalEnergies are assessing fast-track development options to expedite the engineering and production processes. These efforts are aimed at helping Europe diversify its gas supplies and ensure energy security.
While Europe has expressed its intention to reduce its reliance on natural gas by 2030, there is a recognition that renewables and hydrogen alone may not be able to meet the continent’s energy needs reliably. This realization may challenge the current EU policy of discouraging long-term investments in gas supply projects. The Cypriot gas discoveries highlight the potential for long-term gas exports from the region. Accordingly, Cyprus is planning to cooperate with Egypt to use its liquefaction plants in Idku and Damietta to export liquified natural gas (LNG) to Europe. In February 2023, Chevron officially sought permission from Shell, which is a partner in its Aphrodite, use the latter’s underutilized West Delta Deep Marine (WDDM) facilities in Egypt as a part of the field’s development.
As Cyprus moves forward with the development of its gas fields, the future looks promising. The discoveries in Aphrodite, Glaucus, and Calypso gas fields have positioned Cyprus as a key player in the global energy market. The potential of these gas discoveries in Cyprus is set to transform the country’s energy landscape.
