We believe there is still a good market in Egypt both for internal consumption and for exports and we are working hard to make it a success in terms of coming to agreements, Country Manager of Noble Energy International Cyprus Gene Kornegay has said.
He was addressing on Tuesday, the Economist`s 11th Cyprus Summit, in Nicosia, on the subject “Secure or Insecure Supply of Energy for Europe.”
Referring to Cyprus he said the company is doing two main things right now.
“We are in the process of finalising our development plan that is an activity we are engaged with the government of Cyprus”, he noted, adding that “it`s a collaborative process and we hope that it will be complete in the next few months.”
The government is being collaborative in this process, he said, “and we are moving as quickly as we can.”
Kornegay also said Noble Energy was “busy marketing the gas”.
The market in Cyprus is relatively small and not sufficient to support the development of the Aphrodite field, although gas will come to the island of Cyprus, he explained.
The markets available to us now are in Egypt, he said, adding that the gas will be transported via pipeline.
“Some of the market in Egypt would actually use it for export again, but some may be consumed within the Egyptian domestic market”, he noted.
He congratulated his colleagues at ENI Egypt for the Zhor field find but said that reports it has killed the market for imported gas in Egypt, “have been greatly exaggerated”.
“We believe there is still a good market in Egypt both for internal consumption and for exports and we are working hard to make it a success in terms of coming to agreements,” he stressed.
Kornegay also spoke of the geographic location of Cyprus, expressing the point of view that is is “crucial” as it can act as an inter-phase between the EU and the Eastern Mediterranean and the Middle East.
ENDS, CYPRUS NEWS AGENCY