Cyprus-Forum.com

by **brother** » Thu Jul 21, 2005 2:20 pm

Sitting on $400 billion of oil reserves?
By Leo Leonidou

IT’S estimated that oil and natural gas reserves in the seas surrounding Cyprus amount to six to eight billion barrels, currently worth around $400 billion. That is 60 times the annual budget of Cyprus.

That was the verdict of former Foreign and Commerce Minister, Nicos Rolandis, who said yesterday: “there must be oil on our side”. It was under Rolandis’ tenure as minister that the possibility of such reserves first began to be explored.

Egyptian Oil Minister Amin Sameh Samir Fahmi has just concluded an official visit to Cyprus, where the two countries signed a Memorandum of Understanding on energy matters, meaning Egypt will assist Cyprus to utilise its reserves by offering its expertise on oil and gas exploration.
Fahmi also met with House of Representatives President Demetris Christofias, who said, “in two years you will be hearing some very good news on this co-operation.”

Commerce Minister George Lillikas was equally pleased. “The agreement we signed is very important, since we will co-operate with a friendly country that is willing to give us its experiences and co-operate with us in all aspects concerning oil and natural gas. There are many issues we would like to talk about in public about our co-operation with Egypt. I will say that things have been set in motion and we hope that in the near future there will be developments.”
Egypt’s oil ministry said an agreement to export liquefied natural gas to Cyprus had been signed but Lillikas said he did not wish to delve into details.

Rolandis noted that “50 per cent of Egypt’s offshore reserves are in the sea, so why should oil not be found in Cypriot waters?”

The eastern Mediterranean is an area containing oil and natural gas deposits. This significant underwater resource is being exploited by certain countries in the region that have awarded licensing rights for prospecting, exploitation and production of oil to major corporations such as ExxonMobil, Shell, BP, British Gas, TotalFinaElf, El Paso and AGIP. There is significant ongoing activity in the region, with some of the oil majors who control a large part of world oil reserves.
Cyprus is an exception, not having become adequately involved in this all too important field, thereby potentially missing out on an economic boom and an important boost to the people’s prosperity.

In the past, there have been numerous explorations (satellite imagery, seismic and geological studies) of Cyprus’ exclusive economic zone. These studies all provide very positive clues. The island is located at the northernmost tip of the African plate, which in the Middle East area contains 65 per cent of world oil deposits.

Rolandis added that “2 and 3-D geological surveys now need to be carried out, with the government then probably asking for bid rounds or tenders. Special outside technological help will be needed as the water in question is two kilometres deep.”

But he warned that Turkey, “who have been making threatening noises on the matter, could throw a spanner in the works. They want to protect Turkish Cypriot interests, so the big oil majors will think twice about getting involved in helping Cyprus, as they want to avoid areas of political or military hazard.”

But he said the problem could be solved through careful and reasonable handling, to the benefit of all Cypriots, both Greeks and Turks. “And so whereas oil is often a cause of war elsewhere, in our case, it could become an incentive for reaching a settlement on Cyprus, for permanent peace, stability and an immense improvement of all Cypriots’ economic status.”

Micatcyp do you care to make a proper comment on this or are you going to do what you done last time and just respond with the "sand in eyes analogy"

by **MicAtCyp** » Fri Jul 22, 2005 4:13 pm

Brother wrote: Micatcyp do you care to make a proper comment on this or are you going to do what you done last time and just respond with the "sand in eyes analogy"

Do you still have the same queries Brother or you now got the answers you were looking for?
Here take a handkerchief.

by **brother** » Fri Jul 22, 2005 4:17 pm

Do you still have the same queries Brother or you now got the answers you were looking for?
Here take a handkerchief.

Ahhh bless he is lost for words and resorts to a response that equals no response, i asked the question further on you never replied and i ask it again, what is it you want to say about this apart from your last analogy of he put sand in our eyes, can you answer or will you answer, i wait patiently.

by **brother** » Tue Jul 26, 2005 11:19 am

VOLKAN supports that Turkey is moving on to block the agreement between Cyprus and Egypt regarding the searching of oil off Cyprus coast
Under the title Turkey said stop Turkish Cypriot daily VOLKAN newspaper (23.07.05) reports that Turkey is moving on to block the agreement between Cyprus and Egypt regarding the searching of oil in Mediterranean Sea.

While Talat and the RTP-DP government are sleeping, Turkey is acting in order to block the agreement on the oil search in Mediterranean Sea, which was signed between Egypt and the Greek Cypriot administration, writes the paper.

VOLKAN asks the President Talat, Prime Minister Soyer and the RTP-DP government to answer if they have any information regarding these developments and to say what have they done until now in order to protect the economic rights and interests of the Turkish Cypriots.

Now does this come as a surprise but wait it must be the sand in my eyes that is stopping me from understanding this huh micatcyp, now do you understand

by **Main_Source** » Tue Jul 26, 2005 1:55 pm

What right does Turkey have to stop this agreement? Whats it got to o with them?

by **-mikkie2-** » Tue Jul 26, 2005 2:41 pm

This is all getting interesting!

Turkey is doing this for HER interest, not for the TC's or Cyprus as a whole.

Other countries in the region have already started to explore in their designated areas, yet Turkey is wanting to hold back with Cyprus. In any event, installations that would handle any flow of oil will inevitably and sensibly be based in the south. This more than ever shows how non-sensical and stupid it would be to have partition or a solution that has separation of the economy between north and south etc.

If anything all this will hasten the solution of the problem.

by **Viewpoint** » Tue Jul 26, 2005 3:01 pm

-mikkie2-

This more than ever shows how non-sensical and stupid it would be to have partition or a solution that has separation of the economy between north and south etc.

If anything all this will hasten the solution of the problem.

We have seperation at the moment, whats new??
Dont hold your breath, we will still be arguing well into the distant future.