Yiannis Ioannou
The energy landscape of Cyprus' exclusive economic zone (EEZ) is set for a major shift as the French-Italian-Korean consortium of Total, ENI, and Kogas prepares to exit Blocks 2, 3, and 9 at the end of January. The decision marks the end of a twelve-year presence for South Korean state-owned Kogas and reduces ENI’s holdings from seven blocks to four.
Exploration Yields Disappointing Results
The consortium’s withdrawal is attributed to cost-cutting measures and lackluster exploration results. In 2014, ENI-Kogas drilled two exploratory wells in Block 9—Onasagoras and Amathousa—but failed to discover commercially viable gas deposits. Four years later, ENI attempted to drill in Block 3’s Soupia prospect but was blocked by Turkish warships, forcing the company to abandon the operation.
Turkey disputes Cyprus’ claims over Blocks 2 and 3, considering them part of the Turkish Republic of Northern Cyprus’ (TRNC) EEZ. Ankara has included these areas in its own licensing rounds, adding to regional tensions.
Despite the withdrawal, ENI remains committed to developing the Kronos field in Block 6, according to sources. The Cypriot Ministry of Commerce is expected to launch a new licensing round to attract international interest in the abandoned blocks. Additionally, 2025 marks the end-of-licensing period for other blocks under the consortium’s control.
New Exploration at Electra
Meanwhile, drilling has commenced at the Electra reef in Block 5, with ExxonMobil and Qatar Energy deploying the Valaris DS-9 drilling rig as of January 24. The exploratory operation is considered one of the most significant in recent years, with expectations of a major gas find comparable to Egypt’s Zohr field, which holds an estimated 15 to 30 trillion cubic feet of natural gas.
Turkey has maintained a discreet presence in the area, conducting frequent overflights with its ATR 72-600 MPA maritime patrol aircraft. While the aircraft are believed to be gathering intelligence, no direct interference with operations has been reported.
Chevron-Cyprus Talks on Aphrodite Field Ongoing
Discussions between Cyprus and Chevron continue over the development of the Aphrodite gas field, following the expiration of Chevron’s last development plan in early January. Both parties have agreed to extend negotiations to resolve outstanding issues. Additionally, an agreement with Israel regarding the shared Aphrodite-Ishai field remains pending. Cypriot Energy Minister George Papanastasiou has indicated that a resolution is expected within three months.
*This article was translated from its Greek original
