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Energy

Cyprus’ energy profile is set to change with the discovery of significant hydrocarbon reserves in the country’s Exclusive Economic Zone (EEZ) and with the government’s strategic decision to become the leading energy centre and transit hub in the Eastern Mediterranean.

Discovered in Block 12 (‘Aphrodite’ gas field), 180 kilometers to the south of the island, reserves are estimated at around 5 trillion cubic feet – enough to meet Cyprus’ domestic gas demand for around 100 years.

The use of its own energy supply will not only provide local industry with an economic boost, it will also stimulate rapid technological development within the manufacturing sector. The energy sector appears to be paramount for attracting foreign investment, especially as the Republic of Cyprus plans to build a plant for the production of Liquefied Natural Gas (LNG) and a pipeline for supply of gas to Cyprus.

In June 2013 a memorandum of understanding for working towards a final agreement for the development of an LNG terminal in Vassilikos has been signed between the Republic of Cyprus and Noble Energy, Delek Drilling and Anver Oil Exploration. This is an ambitious project of strategic importance and will comprise the largest investment in the history of Cyprus. The first liquefaction train could be operational by late 2019 at a cost exceeding 5 billion USD. The site at Vassilikos could accommodate up to a total of at least three such trains. Investments in hydrocarbon exploration and export infrasturcutre will create opportunities for related industries, such as liquefaction plant and pipeline construction, supporting engineering industries, power generation and possibly chemical industries that could use natural gas as feedstock. Cyprus offers and excellent location for providing ancillary services to the hydrocarbon industry in the wider eastern Mediterranean region.

A new oil products import, storage and distribution terminal currently being constructed at Vassilikos is expected to be operational by 2014.

The government is also prioritizing renewable energy sources aiming to reach 13% of final energy consumption by 2020. It appears that the primary growth will come through additional photovoltaic capacity, primarily due to the recent drop of the capital expenditure for this technology.

 

 

For more information:

Cyprus Energy Regulatory Authority (CERA)

www.cera.org.cy

 

Cyprus Energy Agency

www.cea.org.cy