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AN ISRAELI-led joint venture’s proposal to produce and export lucrative electricity from possible gas reserves within offshore Block 3 is being “considered” by the government, the Sunday Mail has been told.The venture had bid for Block 3 but was not picked, the exploration licence ultimately awarded to the Italian-Korean consortium of ENI-KOGAS.But Dr Eli Barnea, CEO of Sigma Explorations Holdings Limited - which has a 75 per cent stake and was the designated operator in the Israeli joint venture - said this week that their offer still stands.The Israeli-led group’s proposal on Block 3 incorporated the construction of a power... 14 comments
THE TROIKA haircut allied with draconian banking restrictions from a government which cannot confidently predict an upturn in the economy before 2016, concocting catchphrases like ‘together we can’, without telling us ‘what we can’, will return Cyprus to its pre-1950s Third World economy status. The new catchphrase, redolent of the 1974 ‘then xechno’ (I will not forget) is all our politicians have to offer while our economy nosedives. Many of us still have term deposits held ‘in trust’ by our banks, but even if we wanted to invest in an economic recovery, we can’t get at our deposits on maturity in any substantial way. Restricting depositors to ‘hand-outs’ is no less than theft... 4 comments
FUTURE revenue from Cyprus’ gas deposits has played a vital role this week as the government has scrambled to find the cash to fund its 5.8 billion euro contribution to the island’s bailout. At first, bonds covering future gas revenues were offered to depositors as a reward for not withdrawing their savings from financial institutions for a two-year period. Later in the week future gas revenues were presented as a cornerstone of the national solidarity fund.The fundamental question in all this is how pragmatic is it to commit potential future revenues from hydrocarbons in this way? ... 3 comments
CYPRUS may have up to 40 trillion cubic feet (tcf) of natural gas reserves in some of its blocks within its exclusive economic zone (EEZ), and could start exporting 2.0 tcf of liquefied natural gas a year by 2020, the head of the Hydrocarbons State Company (KRETYK) Charles Ellinas said yesterday. In addition to the estimated gross mean of 7 tcf of gas in Cyprus’ block 12, to be confirmed later this year by Noble Energy in a second drilling, a second prospect may hold even more, Ellinas said at the 2nd Energy Forum held yesterday in Nicosia. ... 7 comments