Govt. to establish Hydrocarbons Service First Published: 22/11/2013 10:52 / Last Updated: 25/11/2013 11:39
Deputy Government Spokesman Victoras Papadopoulos has announced
that the Council of Ministers decided on Thursday to establish a
Hydrocarbons Service, at the Ministry of Energy, Commerce, Industry and
Tourism.
In statements he made after a Cabinet meeting at the Presidential Palace, Papadopoulos said the decision was taken in line with the findings of a relevant study.
The new service will be responsible for matters regarding off shore activities and infrastructure to do with hydrocarbons, including facilities at the energy hub of Vassiliko and in particular the construction of an LNG plant with a view to eventually selling natural gas to international markets.
The Hydrocarbons Service will also oversee existing contracts with private companies, licensing issues and future exploration and development.
Asked if the new service will replace the existing Energy Service, Papadopoulos said that there will be no conflict of powers between the two.
Replying to another question, he said ministers have been briefed by the Minister of Energy Yiorgos Lakkotrypis on developments as regards the 2nd licensing round and blocks 5 and 6 in the Republic’s Exclusive Economic Zone.
He added however that there is nothing to announce at present.
Preliminary results of a Noble Energy appraisal well for natural gas in Block 12 of Cyprus’ Exclusive Economic Zone estimate the hydrocarbon reserve between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70 percent working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent.
On June 26, 2013, the Cyprus government, Delek and Avner signed a Memorandum of Understanding (MoU) with regard to the construction of a Liquefied Natural Gas (LNG) terminal in the Cyprus.
The ENI - KOGAS consortium, which has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus’ EEZ, is planning to drill in the third quarter of 2014, while TOTAL, which has signed a contract for blocks 10 and 11, is also proceeding with drilling in the first quarter of 2015.
Source: Cyprus News Agency
http://www.cna.org.cy
In statements he made after a Cabinet meeting at the Presidential Palace, Papadopoulos said the decision was taken in line with the findings of a relevant study.
The new service will be responsible for matters regarding off shore activities and infrastructure to do with hydrocarbons, including facilities at the energy hub of Vassiliko and in particular the construction of an LNG plant with a view to eventually selling natural gas to international markets.
The Hydrocarbons Service will also oversee existing contracts with private companies, licensing issues and future exploration and development.
Asked if the new service will replace the existing Energy Service, Papadopoulos said that there will be no conflict of powers between the two.
Replying to another question, he said ministers have been briefed by the Minister of Energy Yiorgos Lakkotrypis on developments as regards the 2nd licensing round and blocks 5 and 6 in the Republic’s Exclusive Economic Zone.
He added however that there is nothing to announce at present.
Preliminary results of a Noble Energy appraisal well for natural gas in Block 12 of Cyprus’ Exclusive Economic Zone estimate the hydrocarbon reserve between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70 percent working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent.
On June 26, 2013, the Cyprus government, Delek and Avner signed a Memorandum of Understanding (MoU) with regard to the construction of a Liquefied Natural Gas (LNG) terminal in the Cyprus.
The ENI - KOGAS consortium, which has signed a contract for hydrocarbons exploration in blocks 2, 3 and 9 within Cyprus’ EEZ, is planning to drill in the third quarter of 2014, while TOTAL, which has signed a contract for blocks 10 and 11, is also proceeding with drilling in the first quarter of 2015.
Source: Cyprus News Agency
http://www.cna.org.cy
Link to source: http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=186899&lang=en
