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Cypriot report Cypriot report
by Euro Reporter
2011-11-20 11:42:06
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Energy firm estimates field off Cyprus holds 3-9 trillion cubic feet of natural gas

A top official with United States firm Noble Energy said on Tuesday that a field it is conducting undersea exploratory drilling in off the coast of Cyprus may yield between 3 to 9 trillion cubic feet of natural gas. Noble Senior Vice President Susan Cunningham says there is a 60 percent chance it will successfully reach the deposit. Cunningham told an analyst conference at Noble’s Houston headquarters — broadcast live through the company’s Website — that firm results from the ‘Cyprus A prospect’ would impact other possible exploratory drilling in the area.

It is the first time Noble has given an estimate on the size of the deposit which lies inside the Mediterranean island’s exclusive economic zone about 115 miles (185 kilometres) off its south coast. By comparison, Noble said an Israeli field discovered nearby in 2010 had an estimated 16 trillion cubic feet of gas — the world’s largest offshore gas discovery that year.

Cyprus officials have said they would formally announce drilling results early next month, while Commerce Minister Praxoulla Antoniadou said the government will invite tenders for more exploratory drilling inside Cyprus’s 17,000 square-mile (51,000 square-kilometres) EEZ before the end of the year. The island’s President Dimitris Christofias said Monday that the government envisions turning the island into an energy hub.

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Official race begins for would-be mayors

Candidacies for the municipal elections on December 18 were submitted yesterday across the island, with the candidates for the mayor’s positions in Cyprus’ main cities attracting most of the interest. Three candidates are battling it out for the top position in the Nicosia Municipality. The incumbent mayor Eleni Mavrou is backed by the ruling left wing party AKEL, while her main rival, Constantinos Yiorkadjis is supported by right wing parties DISY and EVROKO and centrist DIKO. Lawyer Constantinos Candounas is an independent.

Mavrou did not make the customary comments after her candidacy submission as she was grieving the death of her mother, but former president George Vassiliou said that “she has proven to be highly competent and successful in changing the character of Nicosia.” “It is up to us to formulate the future of our city with the involvement of several bodies, including the private sector to finally create the works that the capital deserves” said Yiorkadjis. “I will work non-stop to better Nicosia and I will show zero tolerance for any wrong doing” said Candounas, who stressed that he was the only true candidate, free from party connections.

In Limassol the incumbent mayor, Andreas Christou is looking to secure a second term with the backing of all political parties except DISY, which is supporting its own Andreas Kyprianou. Christou, who is widely expected to record a landslide win this time round, said that the incumbent municipal board had worked successfully as a team and had rewarded the wide-ranging support with several works. “It’s time for a new philosophy that is liberal and European in character and targets decentralisation, because Cyprus is fed up of AKEL’s policies” said Kyprianou. Andreas Moiseos will not be competing for another term in the Larnaca Municipality. DISY, EDEK and EVROKO are backing Andreas Louroudjiatis, while AKEL and DIKO are backing former DIKO heavyweight, Nicos Cleanthous.

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Cyprus to proceed with 2nd licensing round shortly



Cyprus Minister of Commerce, Industry and Tourism Praxoulla Antoniadou said on Monday that the Cypriot Council of Minister would discuss in the coming days a proposal for the commencement of the preparatory work for the second licensing round for hydrocarbons exploration blocks in Cyprus' Exclusive Economic Zone. Speaking to the press at the sidelines of the Economist Conference on Sustainable, competitive and secure energy in Europe, Antoniadou said the proposal concerns the preparation of the application forms for the second licensing round.

The Minister refrained from elaborating on the number of blocks of Cyprus' EEZ to be included in the second licensing round, referring to the press release to be issued by the Government.  Along the same line, speaking to the conference, Antoniaou said that the Cypriot government will proceed with the second licensing round for additional blocks in its EEZ, adding that first indications from the exploratory drilling in block 12, which began on 18 September, will be ready by mid December.

''Noble Energy, which is conducting the exploration drilling, expects to have some first indications of the possible existence of hydrocarbon reserves by beginning-middle of December,'' Antoniadou said, adding that to the extent that the first indications are positive, an appraisal process will follow to establish the composition and size of the reservoir.  She added that ''the Government is proceeding shortly to the 2nd round of licensing for exploration and production/exploitation with reference to the other sites that have been delineated in the exclusive economic zone of Cyprus.''




        
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