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Home / Articles / TRANSFER OF DRILLING PLATFORM WILL LEAD TO SHIFT IN TERMS

TRANSFER OF DRILLING PLATFORM WILL LEAD TO SHIFT IN TERMS

With a delay of several days, work began on the ENSCO 5006 platform for drilling Aphrodite 2 at the site. When lowering the drill to the surface of the seabed, it was found that the drilling point had to be changed. This required moving the platform 300 meters south of the starting point. For this reason, the processes essentially started yesterday from the very beginning. This means a delay of several days in the program with the completion of drilling operations in late August and a general platform activity in mid-September. Meanwhile, yesterday the Cabinet approved the text of the Memorandum of Understanding, which will be signed between the Republic of Cyprus and the three companies entitled to operate the Aphrodite field and build a natural gas liquefaction terminal, that is, American Noble and Israeli Delek and Avner. Note that the current head of Delek and Avner, was the first to actually talk about building a terminal in Cyprus and made a corresponding proposal to the government in 2010, but unfortunately did not receive a response.

According to the existing information, the memorandum will be signed officially by the Minister of Energy Georgios Lakotripi and the top managers of the three companies in the middle of next week. The memorandum – what is called the “Planning Agreement for the liquefaction of natural gas” – is a fundamental agreement between the two parties, which stipulates the process and deadlines that must be followed at all stages, from planning to searching for investors, construction and operation of the terminal. steps in order and time as it will be done, and the role of each of the parties.



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