Cyprus' Minister Clarifies Timeline for Exploitation of 'Pegasus' Natural Gas Field

Cyprus' Minister of Energy, Commerce and Industry, George Papanastasiou, has clarified the timeline for the exploitation of the 'Pegasus' natural gas field, stating that several stages of technical and commercial evaluation are required before the gas reaches the market. The discovery in the 'Pegasus' well, located in Cyprus' offshore block 10, concerns a gas-bearing reservoir of around 350 meters, which may indicate a small to medium-sized deposit. Papanastasiou emphasized the importance of technological equipment, citing the quality and level of technology used in the drilling operation. He also highlighted the need for processing, infrastructure, and agreements before commercial exploitation can begin, which will likely take several years. The minister also mentioned the possibility of synergies with neighboring deposits and the evaluation of new offshore blocks for potential drilling.

Key Takeaways:

• The 'Pegasus' natural gas field is expected to undergo several stages of technical and commercial evaluation before exploitation.
• The discovery in the 'Pegasus' well concerns a gas-bearing reservoir of around 350 meters, which may indicate a small to medium-sized deposit.
• The Minister of Energy, Commerce and Industry, George Papanastasiou, has emphasized the importance of technological equipment in the drilling operation.
• Commercial exploitation of the 'Pegasus' field is expected to take several years, pending the completion of processing, infrastructure, and agreements.
• The government is evaluating proposals for new offshore blocks and considering granting exploitation licenses to interested companies.
• The 'Pegasus' discovery may have synergies with neighboring deposits, particularly in Block 6.
• The minister has noted the importance of collaborations with other countries, citing agreements with Egypt for the connection of Cyprus' 'Kronos' gas field with Egypt's 'Zohr'.

Statistics:

• The 'Pegasus' well is located in Cyprus' offshore block 10.
• The reservoir of the 'Pegasus' well is estimated to be around 350 meters deep.
• The Minister has stated that the exploitation of the 'Pegasus' field will take several years, pending technical and commercial evaluation.
• The government is evaluating proposals for new offshore blocks, with no timeframe set for granting exploitation licenses.

Sources:

• [1] Cyprus News Agency (no date)