The Cyprus Hydrocarbon Company (CHC) is exploring opportunities to export natural gas to Egypt, the company’s CEO, Panos Kelamis, told the Cyprus News Agency, according to Cyprus Mail.
Since February 2016, companies operating in Egypt and Cyprus have met 18 to 20 times, Kelamis noted, adding that CHC is cooperating Shell, Delek, Noble, to facilitate the process, Cyprus Mail reports.
Low prices, however, have made the negotiations more difficult, he said.
“We need persistence and perseverance. We definitely want to go to Egypt….The whole situation in the oil and gas industry is a dynamic situation. We know where we want to go there, but there are many ways to go there,” Kelamis stated, according to Cyprus Mail.
Earlier this year, Bloomberg reported that Shell was considering purchasing natural gas from Israel’s Leviathan field, combining it with natural gas from the Cypriot Aphrodite field, and then shipping it to Egypt for re-export as liquefied natural gas (LNG).
CHC is a state-owned oil and gas company and is authorized to represent the Cypriot government in the development and sale of oil and gas from Cyprus’s exclusive economic zone (EEA), according to the company.