NICOSIA: Cyprus could expedite its oil and gas exploration program to tap an anticipated increase in demand, the head of its energy service said on Friday.
U.S. energy company Noble has a concession to explore for hydrocarbons in an offshore field south-east of Cyprus. Noble made major gas finds off neighboring Israel in 2009 and last year.
The present timeframe for Noble to start drilling work off Cyprus by October could be pushed forward, Energy Service Director Solon Kassinis told a conference in Nicosia.
"Based on what is happening today in Japan…, natural gas, and even oil will see much greater demand immediately. In that respect, together with our partners, we are reconsidering our (hydrocarbon) program," Kassinis said.
Kassinis, who heads the energy service of the Cyprus Ministry of Commerce, Industry and Tourism, said the present timeframe was for Noble to commence drilling by October, and construction of a pipeline to extract it within 4 to 5 years.
"This program could be expedited," Kassinis said.
Officials have said the Cypriot block, known as "Block 12" could hold an estimated 10 trillion cubic feet of natural gas. Noble’s Leviathan field off Israel was described in 2010 as the biggest find last decade with an estimated quantity of 16 tcf.
Noble clinched the Cyprus exploration contract after a licensing round in 2007.
The timing of a fresh licensing round, which will place seismic data from 12 other sea blocks on offer to energy companies is unclear.
"I envisage it immediately after the first (Noble) drilling," Kassinis said.
Seismic work carried out over 51,000 square kilometers had identified 14 recognized hydrocarbon plains, he said.
