Cyprus-Forum.com

[Lit]

While the Peri-Peri is still stuck in Famagusta. Things are moving on ...

NATURAL GAS – SECOND LICENCING ROUND

Cyprus is stepping up procedures for the second hydrocarbon licensing round in the country`s Exclusive Economic Zone, Minister of Commerce, Industry and Tourism Praxoula Antoniadou has told CNA, adding that decisions on this issue are expected before the end of 2011.

Antoniadou was commenting on press reports that the Ministerial Committee dealing with the issue of hydrocarbon exploration decided to expedite the second hydrocarbon licensing round in offshore blocks.

``What is certain is that the next steps with regard to the exploitation of possible hydrocarbon reserves are being discussed at a high political level as well as at the level of the Ministerial Committee,`` she said.

``What is currently under discussion is how to expedite procedures so we can proceed with the second licensing round soon,`` she explained.

http://www.cna.org.cy/website/english/a ... 2.asp?id=3

Invite the French in. Block 4 should definitely be given to a US company.

[Jerry]

From the horses mouth - the real reason Turkey is "defending" the "trnc's rights" to oil and gas found in the ROC's zone.

Turkey's export volume reached $114 billion last year from below $100 billion in 2009. In addition, the country is set to earn $135 billion from exports this year; however, despite such a rise in export revenue, its CAD spiked to nearly 9 percent of GDP due to the rising energy bill and industry's dependence on foreign intermediate goods to produce merchandise to be sold overseas.


Presently, Turkey is seeking to find oil and natural gas in the Black and Mediterranean seas as well as on mainland Anatolia, its territory located on the Asian continent. At the same time, it has also introduced incentives to encourage investors to develop renewable energy projects to reduce the amount of money it spends on purchasing energy from overseas, nearly $50 billion each year. However, those efforts have not proved effective as it could not find a major oil or natural gas reserve and much of its renewable energy potential remains idle.

http://www.todayszaman.com/news-259788- ... ogram.html

[Capt J Sparrow]

Excellent confirmation.

... also reading that "shows" of gas are bubbling to the surface at the drilling site... a brill sign.

I bet that's not the only thing bubbling away. Any share price gains lately?

[Nikitas]

"much of its renewable energy potential remains idle."

Let's hope they take the German bait on renewables which are the biggest money sink in history. Electricity from reneables costs at least five times as much as gas. Wind is the cheaper renewable but still needs huge subsidies from the taxpayer to work. Photovoltaics are even more costly.