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Oil & Gas

Oil & Gas

Cooperation the key to commercialising natural gas

Acting Special Envoy and Coordinator for Energy Affairs at the US State Department Amos Hochstein has said that the best way to commercialise Cyprus` natural gas is by looking at the Eastern Mediterranean as a whole, noting that “we have to identify a way for taking advantage of existing infrastructure”.

Hochstein, who was speaking to journalists during a teleconference, was asked if natural gas resources in Cyprus were too small to play any role in the European supply.

“I do not think it is too small,” he said. “We are at the beginning of the process of identifying what the size of the reservoirs of recoverable gas is in Cyprus.”
Asked about the best way to get the Cyprus natural gas to Europe, he said the best way to look at this issue is “by looking at the Eastern Mediterranean as a whole”, from Israel to Cyprus, Egypt, Turkey, Greece and “potentially in the future maybe Lebanon as well”.
“The key to commercialising and monetising these great new exiting discoveries is working together. We have to work on the political process obviously, we have to identify a way for taking advantage of existing infrastructure and not trying to replicate each country on its own very costly projects,” he said.

“The more we can work together that would contribute to getting better results for the stability, security and prosperity of the region”.
He also said that each of the countries he had mentioned had “aligned and similar interests”.

Replying to another question, he said that the Eastern Mediterranean is a great example “where if you get the politics right, the payoff is going to be quite considerable and impressive”.
The region could be a source of supply for global markets and specifically for Europe, Hochstein said.

The consortium of Noble Energy and Delek drilling, holds the right to explore Cyprus’ offshore block 12, in the Republic’s Exclusive Economic Zone (EEZ) as well as Leviathan and Tamar gas fields of Israel.  In late 2011, Noble announced a discovery offshore Cyprus with estimated gross mean resources of 5 Tcf, and is currently studying options for development. The consortium`s successful exploration wells offshore Israel and Cyprus has resulted in the discovery of more than 40 Tcf of new gas resources for this region.
Consortium ENI/KOGAS has been awarded exploration licences in Cyprus` EEZ, namely in Blocks 2,3 and 9. ENI completed two seismic surveys, and is planning to drill six wells in the coming 18 months. (CNA)

 

Reference: http://cyprus-mail.com/2014/11/18/cooperation-the-key-to-commercialising-natural-gas/

Oil & Gas

Natural gas on agenda of Energy Minister’s meeting in The Hague

The natural gas discoveries in Cyprus’ Exclusive Economic Zone, issues relating to the EU gas market, and bilateral cooperation were among issues discussed during a meeting on Monday in The Hague between Cypriot Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis and Minister of Economic Affairs of The Netherlands Henk Kamp. The meeting between the Ministers was followed by a series of further meetings and presentations at the Ministry of Economic Affairs during which the vast knowledge and expertise of the Dutch authorities in the oil and gas industry was discussed. Lakkotrypis will continue his two-day visit to the Netherlands with his participation, on Tuesday, as the key-note speaker, in the “Big Improvement Day” (BID), an annual high level event, held in Amsterdam, promoting entrepreneurship, leadership and innovation, which aims to facilitate the formation of partnerships in these areas.

Published by:  http://www.cna.org.cy

Oil & Gas

OIL AND GAS A STEP CLOSER AS DEAL SIGNED WITH ISRAEL

CYPRUS and Israel yesterday signed a bilateral agreement defining their sea boundaries, which paves the way for hydrocarbon exploration in the area between the two countries.

The agreement, signed in Nicosia, by Foreign Minister Markos Kyprianou and Israeli Infrastructure Minister Uzi Landau, delimits the exclusive economic zone between the two countries. “This agreement reflects the close relationship and ongoing cooperation between Israel and Cyprus,” an Israeli embassy statement said. Kyprianou and Landau did not make any statements and did not take any questions. The agreement will require ratification by the parliaments of the two countries’. Cyprus, which says there are encouraging signs of hydrocarbon reserves in its waters, held a first licensing round in 2007, prompting a fierce reaction from Turkey. Turkey and the Turkish Cypriots claim that Cyprus does not have the right to exploit the island’s natural resources before the political problem is resolved. Texas-based Noble Energy has exploration rights for hydrocarbons in a Cypriot offshore field, and in an adjacent one on the Israeli side of the sea boundary. “This agreement essentially provides them (Noble) with a legal safety net, that their rights are legally enshrined,” a diplomatic source told Reuters. Noble was given exploration rights for one of 11 Cypriot plots up for grabs in 2008, about 65 km away from Israel’s Tamar prospect, the world’s biggest gas find in 2009. “In light of the recent discovery of a wealth of natural resources in the Mediterranean Sea, the delimitation of Israel’s borders will play an important role in securing Israel’s vital economic interests, by providing certainty to investors and offering clarity to Israel’s neighbours as to the precise location of Israel’s maritime borders and its right to natural resources at sea,” the embassy statement said. Cyprus has also signed similar bilateral agreements with Egypt. One is also pending ratification by Lebanon. Deep-water exploration licenses in the region became more attractive after the US-Israeli group find at the Tamar field. Noble Energy is 36 per cent owner of Tamar and Delek has a 31.25 per cent stake. Isramco Negev owns 28.75 percent and Dor Gas Exploration owns the remaining 4 per cent. In October, Noble and Delek planned to begin drilling at the nearby Leviathan site, which the group estimates could have deposits twice the size of Tamar, as well as a potential for oil.