Report summary
The Majors have enjoyed huge success in exploration since the industry downturn. Cyprus has been a bright spot in the last couple of years, with two of the largest discoveries globally – Eni's Calypso and ExxonMobil's Glaucus. However, it is unclear how stakeholders can create value from the discoveries. Exporting gas via Egypt's under-utilised LNG facilities has looked the most attractive option for several years. It is the lowest cost, fastest time to market and potentially gives access to the best netbacks. However, exploration in Egypt has also yielded big results and there are now questions around how much liquefaction capacity might be available to Cypriot resource-holders. So what are the other options?
Table of contents
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Executive summary
- Cyprus is a global exploration hotspot
- How to commercialise the giant fields?
- A pipeline to Egypt potentially offers the best netback, but timing is everything
- Greenfield LNG gives operators control of their own destiny, but is there enough gas?
- Could FLNG make a comeback?
- The EastMed pipeline to Europe is a back-runner
- So what happens next?
- PSC amendment is required for Aphrodite to progress
- Further E&A drilling will clarify commercialisation strategies
- ...but geopolitical tension with Turkey remains a potential risk
- Three scenarios could play out over the next 18 months
- 1. E&A significantly increases resource base in Cyprus
- 2. No significant E&A upside – Cyprus resource base stays broadly the same
- 3. More gas is found in Egypt
- Conclusion
- Cyprus key milestones and dates
Tables and charts
This report includes 4 images and tables including:
- Gas discoveries in the East Mediterranean
- Egypt gas supply-demand balance
- Appendix: Cyprus key discoveries, infrastructure and maritime border dispute
What's included
This report contains:
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