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Wednesday, February 18, 2015
Egypt and Cyprus have signed a MoU on energy cooperation and it expected that the two will reach a deal for Egypt to import natural gas from Cyprus in around six months, according to a statement released by Egypt’s prime minister’s office. The MoU was signed by Egyptian Oil Minister Sharif Ismail and Cypriot Energy Minister Yiorgos Lakkotrypis.
The gas from Cyprus will come from Noble Energy’s Aphrodite field, which is estimated to hold around 4.54 Tcf of gas.
In November Cyprus and Egypt agreed to pick up the pace on talks regarding potential exports of Cypriot gas to the ever energy hungry Egypt.
The MoU allows for studying technical solutions to transport gas through a direct sea pipeline from Aphrodite field to Egypt, the statement said. “We aim for an agreement on this regard within six months of the signing of the memorandum of understanding,the prime minister’s office statement said. But Egypt’s oil minister said that prices were not expected to be agreed upon in that period. ‘There is no agreement on the Cypriot gas import prices. That will be negotiated after the expiration of the six months,” Ismail told reporters.
The Ministry of Petroleum also said that seven cargos of LNG from Noble would be under a two-year deal beginning in February.
The country also issued a tender for 75 LNG cargos over a one-year period; deals with winners of that tender are expected to be signed soon.
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