Cyprus-Forum.com

[Jerry]

According to this letter sent to Cyprus Mail, Cyprus, and more importantly Greece, could be the saviours of the energy crisis facing Europe. Interestingly he links BP's pull-out of the Russian energy industry with possible exploitation of Mediterranean natural gas.

Could this gift of nature save the sinking economies of the mediterranean, will Greece replace Turkey as the the Med's rising star?

Is Germany trying to screw Greece into "submission" with a view to stealing its gas reserves?

Well the good, but seemingly little noticed news is that according to three experts called Bruneton, Konofagus and Foscolos, Greece may be sitting on massive reserves of untapped natural gas in sub-sea basins off the coast of Crete. The report produced in March 2012 by these seemingly well-sourced experts suggests that up to 50 trillion cubic metres of gas could lie off Crete. If we reduce the speculative level to, say, an exploitable 8-10 trillion cubic metres and combine it with the estimated probable reserves of the Levantine finds off Cyprus, Israel and Egypt in equal amount the result would satisfy the European demand for natural gas for more than 30 years.

http://www.cyprus-mail.com/gas/reader-s ... e/20120610

[Hermes]

Interesting piece. Although in the same paper latest developments suggest that the favoured option is an LNG facility:

The only way for Noble to consider Block 12 viable is if it gets to export the gas. The Houston-based company has pretty much dismissed pipeline options to Greece or Turkey, preferring instead to follow the path of liquefied natural gas (LNG).

http://www.cyprus-mail.com/kassinis/mr- ... e/20120610

[Lordo]

Of course she does, she stands to make 10 times as much from production costs. It is not every day you find a mug like RoC.

[GreekIslandGirl]

Jerry, Greece's oil/petroleum reserves have been known for a very long time. Hence Turkey's continued belligerence over the last few decades and the cold wars within Greece's coastline. There was also a document about Turkey aiming to trade the occupied part of Cyprus to Greece in return for some Aegean islands (and concomitant sea rights).

For sure the recent German/UK stranglehold is to extract their share of Greece's future wealth.

- And the idiot TCs still think any of this is about them

[PC Bubble]

Arab Island Girl.

Who are the idiots ?
Greece and Cyprus will soon both be bankrupt.
Who will be laughing then ?

[Jerry]

Interesting piece. Although in the same paper latest developments suggest that the favoured option is an LNG facility:

The only way for Noble to consider Block 12 viable is if it gets to export the gas. The Houston-based company has pretty much dismissed pipeline options to Greece or Turkey, preferring instead to follow the path of liquefied natural gas (LNG).

http://www.cyprus-mail.com/kassinis/mr- ... e/20120610

I think BP's future plans following its withdrawal from Russia will determine how the gas is transported. Apparently Libya has proposed linking up to a pipeline from Crete.

A quote from Natural Gas Europe, and mention of BP too in the article.

In short, a new round negotiations concerning the Southern Corridor seems to be at hand, this time not related to the culminations between Baku-Ankara-Brussels but rather between Tel Aviv-Nicosia and Athens.

http://www.naturalgaseurope.com/itgi-pl ... israel-gas

[wyoming cowboy]

The hydrocarbons off the coasts of Greece+Cyprus are what the bankers in Brussels are counting on to hedge a devalued euro,once liquidity is given to the European banks

In late 2008, when the financial crisis hit the usa's economy, congress approved a debt ceiling increase(printing of more American dollars), in order to save many American banks and to save General Motors from extinction. More debt ceiling increases followed these past 4 years. Some of these excess dollars was also used to stimulate the American economy ie road and infrastructure improvements and to also buy gold(hence the huge increase in gold prices the last four years)...and from what i see the Europeans have started buying gold also lately:

http://www.resourceinvestor.com/2011/11 ... evaluation

The biggest worry when you devalue a currency is that high inflation and a weakened currency will follow, unless you find a way to give the excess money real value. Newly discovered natural resources/petroleum/precious metals, could be used to hedge a devalued currency and ultimately erase the bad effects of devaluing your currency.

Here in the USA, in 2008, a huge petroleum find in the Dakota's, was then estimated to provide an amount close to 300 million barrels/year. Precious Metal mines in the Rocky Mountain states are also beginning to be mined with rigor. Not only are you providing value to your devalued currency but economic growth as well, which after 4 years is beginning to show up in economic statistics, lower unemployment and a significant gain in housing prices

http://www.reuters.com/article/2012/05/ ... 0O20120524

Since China, in late 2011, refused to buy European bonds, the focus is turning to following an American approach to solving the debt crisis and stimulating European economies.

And like ive said before, its quite possible, that the hydrocarbon reserves of Greece+Cyprus will ultimately save the euro and the European Union.

[Nikitas]

Problem NO 1 for Greece, which led to the crisis, sustains it, and will not allow it to recover is the state of its civil service, it is basically non existent. All the oil in the world will go to crap if there is no management of it, or any other resource.

It took some months but finally Reichenbach, the German heading the EU task force, realised that nothing moves here. If only the EU partners had realised it two years ago and did not go in for bullshit quasi remedies that satisfied German sadistic notions of " a nation has to bleed" and other such crap ideas.

Want to do a test? RIng any ministry department during working hours, 8 am to 2.30 pm, and see if they pick up. Write them a letter and see if they answer. If they do, buy a lottery ticket, it is your lucky day!