Cyprus eyes natural gas era

Cyprus is a rare bright spot for LNG trade amid the demand destruction and project delays that the Covid-19 pandemic has wrought in the industry. Construction started in July on the EU-funded Cynergy floating storage and regasification unit (FSRU) and LNG terminal project, which will bring first gas, energy diversification, greater supply security and reduced carbon emissions to the island from 2022.

The country, currently almost completely isolated from EU energy links, sits on top of at least 13tn ft³ of offshore gas, including the 4.5tn ft³ (370bn m3) Aphrodite field in block 12, the 3-5tn ft³ Calypso in block 6 and, most recently in February 2019, the 5-8tn ft³ Glaucus in block 10. Paradoxically, the discoveries have served only to delay gas’ introduction as a generation fuel, while Cyprus continues to mostly rely on imported liquid fuels such as diesel and fuel oil.

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