He further explained that the drillship, in collaboration with Qatar Energy for Block 5, will conduct operations at two sites: the 'Electra' target in Block 5 and the 'Pegasus' targetin Block 10. "Our drilling program kicks off in January 2025, starting with the 'Electra' target in the southern segment of Block 5," Papanastasiou stated.
While noting the promising geological structures in Block 5, he emphasized, "Drilling is essential to confirm whether this optimism is justified, which is why we are proceeding." Papanastasiou mentioned that the rig has recently transitioned from Egypt’s EEZ to Cyprus’ EEZ to undertake these drillings. "The rig is here to conduct two exploratory activities—one at 'Electra' and another at the 'Pegasus' location in Block 10," he remarked. The ‘Pegasus’ site, located in Block 10 near the ‘Glafcos’ location, will be a new exploratory venture rather than an appraisal drilling operation. The energy minister cited recent articles discussing a geological structure potentially containing between 10 trillion and 30 trillion cubic feet of natural gas. "A confirmed deposit of this size would be significant," he observed.
On the drilling timeline, Papanastasiou stated it would begin "in mid-January and run for approximately a month," noting that the NAVTEX issued by the Republic of Cyprus remains valid until February 24. Afterward, the rig is scheduled to relocate to the 'Pegasus' target. On broader energy program initiatives, Papanastasiou told CNA that the "development and production plan for the ‘Cronos’ deposit from Eni and Total is expected soon." He added that Chevron, Shell, and New Med Energy are awaiting feedback on their preliminary development and production plan for the 'Aphrodite' site, with a more comprehensive plan due within two weeks. "These developments are the result of our proactive approach since taking office," he commented.
In reference to his upcoming meeting in Athens with Greek Energy Minister Theodoros Skylakakis, centering on the Greece-Cyprus electricity interconnection project (GSI), Papanastasiou said they will "discuss our advisors' insights" on Cyprus potentially becoming a GSI shareholder. "We must communicate these insights and grasp the perspectives of the other parties involved," he emphasized. Some observations are vital and may halt the entire consultation, while others are more moderate. Papanastasiou assured, "We aim to understand the other side's intentions." The meeting will feature participants from the Greek Prime Minister's Office and the project implementer, ADMIE, with Cyprus represented by its Presidency and Ministry of Energy.
(ΙΕΝΕ «Energy Weekly Report», Νο. 435 - January 3, 2025)