Cyprus ponders gas monetisation options

New natural gas discoveries offshore Cyprus have revived the possibility of the island hosting an LNG plant

Cyprus is finally in a position where it can realistically start exploring a number of ways of getting natural gas to market. Seven years after the first discovery in Cyprus' offshore economic exclusion zone (EEZ) — the Aphrodite field in Block 12 (4.5tn ft3 of gas in place) — the island has notched up two more finds. Last year, an Eni-Total consortium struck gas at Calypso in Block 6 (estimated 3-5tn ft3). The most recent newcomer is Glaucus-1 (5-8tn ft3) in Block 10, discovered by ExxonMobil, partnered by Qatar Petroleum. Energy minister Yiorgos Lakkotrypis, addressing Gulf Energy's Eastern Mediterranean Gas Conference in Nicosia in early March, said the "quality of the reservoir in Block