"Electra" drillings outlook optimistic, expert says, urging for patience

The estimated quantity of natural gas announced for the "Electra" field in Block 5 of the Cypriot EEZ is significant, energy expert Dr Charles Ellinas has said, urging for patience, as, in his estimation, ExxonMobil licensed to explore the block is not expected to proceed with LNG exports from Cyprus' EEZ before the next couple of years have passed.

"The indications in Block 5 are good...we hope it will be a major discovery in 2025, but don't expect any immediate developments. Exxon Mobil is a very cautious company, it doesn't move rapidly in its projects. It will take its time until it moves to the next stage," he told the Cyprus News Agency on 2 January.

According to Dr Ellinas, the company has already said it is looking for large reserves and wants to move forward with the construction of LNG export terminals. "If they find for example 20-30 trillion cubic feet or even anything over 15 trillion then in the future I think they will go ahead with the idea of exporting LNG, using also the 'Glaucus' field and maybe other ENI fields, but I don't think this will happen in the next 1-2 years," he noted.

"It will take longer. The company will do it when ready, they will study the possibilities. But Exxon aims to increase LNG production and export globally and a good discovery in Cyprus will be an important step in that direction," he added.

In addition, he said ExxonMobil will also drill in Block 10, at the "Pegasus" field, noting that the chances are good there too. "Between 'Glaucus', 'Pegasus' and 'Electra' I hope ExxonMobil is heading in the right direction and is one of the companies that is certainly going to invest and increase LNG production. So we're in good hands, but be patient," he said.

Dr Ellinas reiterated that it is currently in our hands to bring natural gas to the Vasilikos terminal in Cyprus. "This is very, very important. It needs to be expedited as quickly as possible," he said, even by the end of 2025, he noted, but expressed doubt that this would be possible.

"For Cyprus this is something very important. If natural gas arrives to Cyprus, even in 2026, the price on electricity can be reduced between 35-40%. So we must do everything we can, because this project is completely in our hands, it does not depend on third parties," he said.

(Source: CNA)