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Hydrocarbon Exploration Activities Offshore Cyprus

Solon Kassinis Director - Energy Service. Hydrocarbon Exploration Activities Offshore Cyprus. Ministry of Commerce, Industry & Tourism Republic of Cyprus. Delegation of French Oil & Gas Companies Nicosia, 05 December 2012. Gas Discovery - Block 12.

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Hydrocarbon Exploration Activities Offshore Cyprus

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  1. Solon Kassinis Director - Energy Service Hydrocarbon Exploration Activities Offshore Cyprus Ministry of Commerce, Industry & Tourism Republic of Cyprus Delegation of French Oil & Gas Companies Nicosia, 05 December 2012

  2. Gas Discovery - Block 12 • Oct. 2008: Exploration Licence and PSC with Noble Energy International Ltd • Sept. 2009: 469 sq km 3D seismic survey (Prospect: Aphrodite) • Jun. 2011: 4,000 km 2D seismic survey + Grav & Mag Surveys • Sept. 2011: First Exploratory Well • Oct. 2011: First Renewal of the Exploration Licence – 25% Relinquishment

  3. Gas Discovery - Block 12 Natural Gas Discovery 28 Dec. 2011 • 7tcf gross mean estimated resources • 40 sq. miles field area • 5,860m total depth • 1,688m water depth

  4. Gas Discovery - Next Steps: Appraisal Drilling • An appraisal well is planned to be drilled in Aphrodite field within the first quarter 2013 • 5,950m total depth • 1,730m water depth • Preparation of tenders for the appraisal drilling under progress • The whole appraisal process is anticipated to be completed by early 2015 ENSCO 5006

  5. Gas Discovery - Next Steps: Upstream Development • Verification (exploratory) well drilling • Reservoir appraisal and assessment • Studies on the installation of offshore and onshore equipment • Production drilling and well completion • Subsea system installation • Deep water host commissioning • Export pipeline installation

  6. Gas Discovery - Next Steps: Pipelines • Studies are underway regarding the pipeline routing from the gas field to Cyprus’ shore • Gas Supply from Block 12 via pipeline: 2017-2018 • Interim Solution: Proposals for the transport of natural gas to Cyprus for meeting its domestic demand under evaluation Submerged Canyon Complex Subduction Zone

  7. Gas Discovery - Next Steps: Downstream Development • The political decision for the establishment of an onshore LNG plant has been taken • Available land for the construction up to 3 trains (5MT/year each) • Additional gas flows from other upstream fields (EEZ of the Republic of Cyprus and the neighboring countries) will be handled by the plant • It will be the largest investment in the island's history • Indicative timetable for project competition: 2019

  8. Gas Discovery - Next Steps: Downstream Development LNG Export to Regasification Terminals

  9. Gas Discovery - Next Steps: Downstream Development Natural Gas Pipeline: Israel-Cyprus-Greece LEGEND Existing pipeline Planned pipeline Tans-Med Gas Pipeline Compressor Station

  10. Gas Discovery - Next Steps: Downstream Development Undersea Electric Power Line: Israel-Cyprus-Greece

  11. Natural Gas Supply to Europe (2011) • LNG • Qatar: 43 bcm • Algeria: 13bcm • Nigeria: 14.5bcm • Egypt: 4 bcm • Trinidad Tobago: 4 bcm • Norway: 2.5bcm • Pipeline Gas • Russia: 115 bcm • Norway: 93 bcm • Algeria: 33bcm LNG Flows Pipeline Gas Flows Source: BP Statistical Review of World Energy

  12. Natural Gas Demand in Europe - 2030 Primary Energy Consumption (Μtoe) Natural Gas Share in EU’s Primary Energy Consumption (%) Source: Eurostat & Eurogas

  13. Natural Gas Demand in Europe - 2030 Necessary Additional Natural Gas Supplies up to 2030 • Natural Gas Production within EU declines • The share of Natural Gas in EU’s primary energy consumption will remain high i.e. mainly for power generation purposes • The exploitation of shale gas faces environmental challenges The North East Mediterranean Region could be a new source for Natural Gas Supply to Europe Source: Eurogas

  14. More Gas (Oil?) Discoveries are coming… • 2nd Licensing Round: 11 Feb. – 11 May 2012 • Available Blocks: 1-11 & 13 • Number of Applicants: 15 Companies/Consortia • Number of Applications Submitted: 33 • Negotiation Phase • Blocks 2 & 3: ENI-KOGAS • Block 9: Total-Novatek-GPB • Block 11: Total

  15. 2nd Licensing Round • Block 2 • Water Depth: 248 - 2,051 m (average 1,575 m) • Average Distance from Vasilikos: ~75 km • Block 3 • Water Depth: 782 - 2,020 m (average 1,481 m) • Average Distance from Vasilikos: ~125 km • Block 9 • Water Depth: 1,887 - 2,351 m (average 2,108 m) • Average Distance from Vasilikos: ~105 km • Block 11 • Water Depth: 1,194 - 2,186 m (average 1,621 m) • Average Distance from Vasilikos: ~190 km • Extensive Existing Seismic Data: • 2D seismic grid 5x5km • 659 sq. km 3D (2007) seismic data in Block 3 • Proposed Working Program for Blocks 2, 3, 9 & 11: • Extensive 2D & 3D seismic surveys • 1 / 2 exploratory wells for the first exploration phase (3yrs)

  16. Cyprus' Energy Profile Will Change Radically… • New Exploration Licenses (more hydrocarbon discoveries) • Proposals for gas supply as interim solution (2015) • Gas Supply to Cyprus via Pipeline • Establishment of LNG plant for gas transport to EU and the International Markets • Other options for gas monetization: • Gas export pipeline • GTL • Petrochemicals • Cyprus can develop the necessary infrastructure for providing services to drilling activities

  17. Thank you for your attention!

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