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Israel plans preparatory works on power cable
ISRAEL is set to commence preparatory works on the much touted project of an underwater electricity cable linking its power grid to that of Cyprus.According to the Israeli daily newspaper, the Jerusalem Post, Israel’s Energy and Water Minister Uzi Landau instructed the state electric corporation to draft a memorandum of understanding, which is to be signed by Israel and the Cypriot company DEI Quantum Energy.The developments are part of the steps agreed by Landau and his Cypriot counterpart, Praxoulla Antoniadou, during the latter’s visit to Israel last week... 9 comments
FM briefs House on EEZ status with neighbours
FOREIGN Minister Erato Kozakou Marcoullis yesterday briefed the House on the status of negotiations with Israel, Egypt and Lebanon on exclusive economic zones (EEZ).Marcoullis said Cyprus and Israel were in the advanced stages of negotiating an agreement for the common development and exploitation of hydrocarbon reserves found where the two countries’ EEZ overlap.Negotiations with Israel started last July in Israel, continued in December in Cyprus and another meeting is expected to take place at the start of February... Read on
Noble to drill second well after September
NOBLE Energy will be back in Block 12 for more drilling sometime in the third quarter of this year, its Vice-President said yesterday.John Tomich was speaking at a symposium in Nicosia organised by the Institute of Energy of South East Europe and the FMW media group.The symposium, “The Energy Resources of Cyprus and the new ground in Eastern Mediterranean,” brought together politicians, representatives of oil multinationals, energy experts and academics.“We are currently actively looking for a rig to drill a second well there,” Tomich said, adding that appraisal work takes time, “maybe a year... 2 comments
Second round of gas exploration licensing imminent
The government is set to announce the second round of licensing for exploration in the remaining plots in Cyprus' EEZ and has called on interested companies to officially express their interest, commerce minister Praxoulla Antoniadou said.Antoniadou said the documents for the call for interest in the second round of licensing have been sent on to Brussels to be translated and then published in the official journal of the European Union."The official announcement of the second round of licencing will be issued as soon as these documents are translated... I expect all translation work to be done soon,'' she said, adding that the announcement will be published ''around the end of the month.''... 1 comment
Move to liberalise gas market
RULING AKEL has submitted an amendment to liberalise the natural gas market in Cyprus, which was shut down four years ago.In December of 2007, parliament approved legislation stripping the Cyprus Energy Regulatory Authority (CERA) of the ability to issue licensing for private companies to trade in Liquified Natural Gas (LNG).The legislation was the first step in declaring the Cypriot market "emerging", a status which allowed the island to control supplies through the creation of a public utility company, or a preferred supplier.Cyprus had set up a public utility, known as DEFA, which would be allowed to import and sell gas... 8 comments
House ratifies Egypt hydrocarbons’ deal
BY A unanimous vote, parliament yesterday ratified a unitisation agreement between Cyprus and Egypt on hydrocarbon reserves that straddle the border between the countries’ respective exclusive economic zones.The agreement, concluded by the two governments in 2006, spells out how revenue from potential hydrocarbon reserves in this area can be divided. It does not contain specific figures, as these will be calculated based on a case-by-case basis depending on the exact location of the reserves.The EEZs of the two countries extend 200km out from their respective coastlines. In the event that hydrocarbons are found in the space in between, the spoils will be shared based on the agreement... 2 comments
Cyprus-Egypt hydrocarbons deal approved
THE HOUSE Foreign and European Affairs Committee yesterday approved an agreement between Cyprus and Egypt for the co-exploitation of possible hydrocarbon reserves in the area between the two countries respective Exclusive Economic Zones (EEZ). The agreement is expected to be tabled before parliament next Thursday for ratification. Committee chairman DISY’s Averof Neophytou said the agreement clarifies how revenue from potential hydrocarbon reserves in this area can be divided. The EEZ of the two countries extends 200km out from their respective coastlines. In the event that hydrocarbons are found in the space in between, the spoils will be shared based on the agreement pending before parliament, said the DISY number two. ... 2 comments
Noble hands over raw drilling data
THE GOVERNMENT has received from Noble Energy the raw data from the company’s exploratory drilling in the Block 12 offshore gas prospect, Commerce Minister Praxoulla Antoniadou yesterday said.The data will be handed over to the advisory team on hydrocarbons, she added. And by the end of the month Noble Energy should be ready to present a detailed analysis of the data, Antoniadou said.Among other things the data concern the porosity, permeability and conductivity of the bedrock at the site of the prospect, which are relevant regarding the ease of extraction of the natural gas from the bedrock.Late last month Noble Energy announced the existence of a natural gas reservoir of between five and eight trillion cubic feet (tcf) in Block 12... 1 comment
