Cyprus-Forum.com

[Demonax]

Latest news on the gas front...

French and Italian energy giants Total and ENI, as well as the Korean Gas company and Gazprom-subsidiary Novatec have been awarded the licenses to explore for oil and gas in Blocks 2, 3, 9 and 11 in the Cyprus offshore Exclusive Economic Zone.

The Council of Ministers approved late on Tuesday the winning bidders of the second licensing round in which 33 companies and joint ventures had taken part. No financial details were announced.

Texas-based Noble Energy is already in an advanced stage of its exploration plans in Block 12 as it was the sole bidder in 2009. It has since announced a discovery of an average 7 trillion cubic feet of natural gas, one of the biggest finds in the area adjacent to Israel’s giant Leviathan basin.

Blocks 2 and 3 have been awarded to the ENI and Kogas joint venture, Block 9 to the conglomerate comprising Total,
Russia’s Novatec (a Gazprom affiliate) and GP Global Resources, while Block 11 was awarded to Total.

Israel’s Delek has an option to buy into the existing gasfield in Noble’s Block 12.

http://www.financialmirror.com/news-det ... ?nid=27969

[bill cobbett]

Good news... so, so far we have companies from the USA, Italy, France, Russia, Korea committed to exploration and as Dalek has taken up the Block 12 option, we can add Israel to the list.

... and Turkey gets the consolation prize of a veeloui.

[bill cobbett]

... and the Illegal Regime's Eroglu will shortly be carrying out his threat to explore "off-shore", which presumably means he'll be pulling up his trousers and going for a dig with a bucket and spade on a beach somewhere in the Occupied Areas.

[Get Real!]

I've got it all figured out baby...

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[ZoC]

... and the Illegal Regime's Eroglu will shortly be carrying out his threat to explore "off-shore", which presumably means he'll be pulling up his trousers and going for a dig with a bucket and spade on a beach somewhere in the Occupied Areas.

[bill cobbett]

This is the current state of play of the CY EEZ sharing (work by former contributor Antifon)...

There are negotiations under way to share three of the blocks...

Sylikiotis said the government will now negotiate a deal with a partnership of Italy's ENI and South Korea's KOGAS for blocks two and three.

He said terms will be discussed with a French-Russian tie-up involving Total ENP Activities and Novatec for block nine, while Total wants to exploit block 11 on its own.

[bill cobbett]

Two other pieces of nice news for CY from Commerce Minister Sylikiotis who said, as reported in the CY Mail...

..."the proceeds to the state under the model production-sharing contract would be about 70 per cent, after recoverable expenses.
Immediate income would come in the form of the signature bonuses. Asked whether the government stood to make some €200 million from the signature bonuses on the four blocks awarded yesterday, Sylikiotis said that was a conservative estimate..."

So 70% of the profits from these fields (cf with the 50% agreement for Block 12) will go to CY and there'll very soon be money going in to the CY Treasury for these signature payments.

[Maximus]

that's a good idea get real!

[repulsewarrior]

I've got it all figured out baby...

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...a good idea made better, if it connects with Lebanon and Egypt too.

[kurupetos]

I've got it all figured out baby...

TUBE.jpg

...a good idea made better, if it connects with Lebanon and Egypt too.

We can't do that because we'll set the Thames on fire!