Οι διαπραγματεύσεις με την κοινοπραξία ENI-KOGAS τέλειωσαν | Φιλελεύθερος

Παρασκευή, 06 Δεκεμβρίου 2013 7:02 πμ  - Τελευταία ενημέρωση: Παρασκευή, 06 Δεκεμβρίου 2013 7:19 πμ

Οι διαπραγματεύσεις με την κοινοπραξία ENI-KOGAS τέλειωσαν

Χάλασε το προξενιό για τα οικόπεδα «5» και «6» της ΑΟΖ

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Λευκωσία: Διαζύγιο με αμοιβαία συναίνεση πήραν χθες Κυπριακή Δημοκρατία και κοινοπραξία ΕΝΙ-KOGAS,  αφού με απόφαση του Υπουργικού Συμβουλίου απορρίφθηκε η πρόταση της κοινοπραξίας να αναλάβει τα τεμάχια «5» και «6» με βάση την αρχική πρόταση που υπέβαλε στο πλαίσιο το Β Γύρου Αδειοδότησης, χωρίς περαιτέρω διαπραγμάτευση.

Σύμφωνα με πληροφορίες του «Φ», μετά την απόφαση του Υπουργικού Συμβουλίου να προτείνει στην ΕΝΙ-KOGAS την ανάθεση των δικαιωμάτων των δύο τεμαχίων, που διεκδίκησε στο πλαίσιο του Β Γύρου Αδειοδότησης, η κοινοπραξία απάντησε πως αποδέχεται να υπογράψει συμφωνία και να αναλάβει τα δικαιώματα των 5 και 6, παρά τις αντιδράσεις της Τουρκίας, ωστόσο δεν προτίθεται να διαπραγματευτεί  βελτίωση της προσφοράς της, οπότε θα πρέπει η Κυβέρνηση να αποδεχθεί την πρότασή της ως είχε. Κάτι που η Κυβέρνηση δεν αποδέχθηκε.

Σύμφωνα με πληροφορίες του «Φ», στην αρχική της πρόταση, η κοινοπραξία πρότεινε ως πριμ αδειοδότησης το ποσό των 5 εκατ. ευρώ για κάθε ένα από τα δύο τεμάχια. Ποσό που δεν είχε πρόθεση να αυξήσει, επειδή όπως εξήγησε στο υπουργείο Ενέργειας, δεν υπάρχουν ούτε επαρκή, ούτε πυκνά σεισμογραφικά δεδομένα για τα δύο τεμάχια, παρά τις επιστημονικές μαρτυρίες για σημαντικά κοιτάσματα κάτω από τον βυθό τους.  Οπότε το επενδυτικό ρίσκο είναι ψηλό για να αυξηθούν οι δαπάνες προς αυτή την κατεύθυνση στο παρόν στάδιο.

Το Υπουργικό Συμβούλιο, σύμφωνα με πληροφορίες, έκρινε ότι παρά την πολιτική σημασία που θα είχε η ανάθεση των δύο τεμαχίων, το γεγονός ότι η ιταλοκορεατική κοινοπρξία αποδέχθηκε την πρόταση της Κυβέρνησης να τα αναλάβει, έχει τη δική του σημασία.
Ωστόσο, σε ένα επόμενο γύρο αδειοδότησης, αφού προχωρήσουν και οι τρισδιάστατες και δισδιάστατες σεισμογραφικές έρευνες στα δύο τεμάχια, είναι σίγουρο ότι θα εξασφαλιστούν πολύ μεγαλύτερες προτάσεις για μπόνους συμφωνίας.

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- See more at: http://www.philenews.com/el-gr/top-stories/885/174823/chalase-to-proxenio-gia-ta-oikopeda-5-kai-6-tis-aoz#sthash.FWo1Bve0.dpuf


Link to source: http://www.philenews.com/el-gr/top-stories/885/174823/chalase-to-proxenio-gia-ta-oikopeda-5-kai-6-tis-aoz

Noble Energy discovers oil in deepwater Gulf of Mexico and more gas at Tamar field, offshore Israel | World Oil Online

5 Dec 2013

HOUSTON -- Noble Energy has announced discoveries at the Dantzler exploration well in deepwater Gulf of Mexico and at the Tamar Southwest exploration well, offshore Israel.

At Dantzler, wireline logging data indicates that the well encountered over 120 net ft of primarily crude oil pay in two high-quality Miocene reservoirs. The discovery well, located in Mississippi Canyon 782, was drilled to a total depth of 19,234 ft in 6,580 ft of water. Dantzler is located 12 miles west of the Company's Rio Grande development area, which includes discoveries at Big Bend and Troubadour. Discovered gross resources at Dantzler are now estimated at between 55 and 95 MMboe.

The Tamar SW well, testing a new exploration prospect, encountered 355 ft of net natural gas pay within the targeted Miocene intervals. Tamar SW, which was drilled to a total depth of 17,420 ft in 5,405 ft of water, is the Company's eighth consecutive discovery in the Levant Basin. The field is located 8 miles southwest of the Tamar field. Evaluation of drilling data and wireline logs has confirmed the range of gross resources of the field to be between 640 Bcf of natural gas and 770 Bcf. The well encountered high-quality reservoir sands, with per well productivity anticipated to be 250 MMcfd of natural gas.

Mike Putnam, Noble Energy's VP, Exploration and Geoscience, commented, "These new discoveries, combined with our exploration and appraisal successes earlier this year, have continued our successful organic exploration track record and identified new sources of future growth for Noble Energy. Dantzler represents our third consecutive exploration discovery in the Miocene trend of the Gulf of Mexico and complements our existing developments at Rio Grande and Gunflint. The field's proximity to our Rio Grande area provides the opportunity for an accelerated development at Dantzler. In Israel, the discovery at Tamar SW further enhances our discovered resources in the Eastern Mediterranean, which now totals nearly 40 Tcf of natural gas. The discovery also underpins our ability to meet the growing market demand in Israel and within the region."

Noble Energy operates Dantzler with a 45% participating interest. Additional interest owners are entities managed by Ridgewood Energy Corporation with 35% and W&T Energy VI, with 20%. In the Deepwater Gulf of Mexico, the Company anticipates drilling at least two additional Miocene trend prospects in 2014.

Following completion of operations at Tamar SW, the drilling rig will be released to another operator. Noble Energy operates Tamar SW with a 36 % working interest. Other interest owners are Isramco Negev 2 with 28.75%, Delek Drilling with 15.625%, Avner Oil Exploration with 15.625% and Dor Gas Exploration with 4%.
SOURCE

Immigration: Min. Mauro, more cooperation Italy-Cyprus | ANSA Med

Immigration: Min. Mauro, more cooperation Italy-Cyprus

Talks this morning in Nicosia with Cypriot counterpart Fotiou

04 DECEMBER, 12:01

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The Minister of Defence, Mr Fotis Fotiou, at a meeting with the Minister of Defence of Italy, Mr Mario Mauro.

(ANSAmed) - NICOSIA - The results achieved by sweeping surveillance-and-rescue operation Mare Nostrum 'are incredibly positive' both from a humanitarian standpoint and to combat human trafficking rings in the Mediterranean, Italian Defence Minister Mario Mauro told ANSA on Wednesday.

The minister travelled to Nicosia on Wednesday morning to meet his Cypriot counterpart Fotis Fotiou.

The meeting, which focused on defence and security cooperation, also verged on stability in Europe by boosting the southern borders of the continent and cooperation to combat illegal immigration.

Minister Mauro said that, against human trafficking, 'we agreed with Cypriot authorities that we will have a more exact and relevant exchange of information because, after our latest operation which led to the arrest of 16 Egyptian traffickers, we established that the majority of these mother-ships arrived on our coasts sailing in international waters not far from the island of Cyprus'.

'Therefore cooperation with this country is very important and I am very happy with the achievements of today's meeting on an operational level'.

Fotiou for his part stressed the importance given by his country to cooperation with Italy both in defence and security programmes, which provide for exchanges of know-how between armed forces of the two countries and joint military operations, as well as a common approach for the protection of the strategic integrity of EU seas.

He also recalled the recent 'significant development' in relations between Italy and Cyprus with the interest shown by Italian energy giant Eni for research and extraction of hydrocarbons in the Exclusive Economic Zone (EEZ). (ANSAmed)

© Copyright ANSA - All rights reserved


Link to source: http://www.ansamed.info/ansamed/en/news/sections/politics/2013/12/04/Immigration-Min-Mauro-cooperation-Italy-Cyprus_9723799.html

We Need to Speak of “Proven Discoveries” | Gold News

We Need to Speak of “Proven Discoveries”

Demosthenes Mavrellis of Chrysses Demetriades & Co. LLC shares his thoughts on the local energy sector and looks to its future.

December 03, 2013

(Left to Right: Alexandros Economou, Chris Georgiades, Christos Mavrellis, Demosthenes Mavrellis)

How significant are the hydrocarbon discoveries for the future of Cyprus, both on the socio-economic front as well as geopolitically?

We need to speak of “proven discoveries”. What we have now is the Aphrodite find which is in itself undergoing an exploratory second drilling. The current finds, if confirmed, will obviously allow Cyprus to create electricity out of its own resources and perhaps export gas from a one-train LNG facility. If, however, as many analysts predict, there are more reserves in our EEZ then the rules of the game will change. Any surplus will be exportable, as domestic needs would have been covered already by Noble’s current find. That, in turn, will create a much larger development in the wider energy sector and in the LNG area specifically, which will create thousands of highly-paid jobs directly and indirectly. Since upon the confirmation of new reserves, investment will have to be made in order to monetize the same, we would see a direct injection of funds into the economy which would begin to drastically limit the effects of the current financial crisis. It would also give the impetus for interest among the local population to adapt and educate itself on energy issues, creating new fields of excellence which, in a decade or two, may rank on a par with accounting and legal services, at which Cypriots excel.

The local energy sector is characterized by its high dependence on imported energy and the strong dominance of oil in the energy balance. How is this going to change?

Assuming that the finds will be substantial and the monetization plans successful, this will tip the trade balance in favour of Cyprus, which will probably become a net exporter. We will see the total substitution of oil (as coal has not been used domestically), as source of electricity and we may even see motor vehicles running on gas and even electricity. This, paired with the ever-increasing introduction of photovoltaic technology in the production of domestic and/or industrial sources of energy, will lead to a diminishing of oil as the dominant fuel and the dependence of Cyprus on external sources. It is useful to note that companies involved in hydrocarbon exploration consider it a strong possibility that oil may also be found. Such a discovery may lead to a review of the above strategy but I believe that, due to Cyprus’ EU environmental obligations, we will still push domestically for “clean energy” and orientate ourselves towards petroleum export, as a fast way to inject cash into the government’s coffers.

Currently the EU produces around 48% of its energy needs within the Union and imports the remainder. Its gas imports are mainly from Russia, Norway and Algeria. Isn't this an area that is perfect for Cyprus to step into?

At the moment Europe is greatly dependent on Russian imports, a fact that cannot be over-emphasized, as evidenced by the latest Ukrainian crisis. This puts Europe in a geostrategic hard place. The new Trans Adriatic Pipeline (TAP) has now been approved to brink Azeri gas to Europe via Turkey, Greece, Albania and Italy. We have to put this into perspective, as major shale gas discoveries have been made in Poland. The price of gas in the future will be dependent on the willingness of the EU and its Member States to exploit such resources, a difficult task, since it raises the spectre of environmentally harmful practices and access to hitherto greenfield sites. Cheap shale gas may also be imported to Europe by the United States which is very advanced in shale gas exploitation. Furthermore, we should take into consideration Germany’s decision to close down aging nuclear stations that will reduce the local supply in the short term.  Cyprus’ role as an exporter to Europe will be related to the levels of pricing of the gas, taking into account all the above considerations. As the political situation stands right now, a pipeline linking any Cypriot gas production to Turkey is out of the question so the cost of LNG production ought to be factored in. It has been mentioned – and rightly so – that only the LNG proposal enables Cyprus to act independently and materialize the highest available price for its gas, which may be the price offered in the Asian market.

How great a contribution can Cyprus’ gas reserves make to Europe’s energy security and energy needs?

That would depend on the quantities found. At any rate, Cyprus and possibly Israel will create another alternative pool of energy assets.

There are currently no specific tax laws on hydrocarbon exploration/ exploitation activities in Cyprus. Are the present corporate tax laws applicable or will new legislation be necessary?

I believe that the current scheme of profit sharing arrangements is a good one and will benefit both the government and the participating companies. It will be harmful to introduce new tax burdens on those companies and add another level of bureaucracy. The low tax regime will lead to even more investment in the domestic gas industry and the government should expect to receive funds from profit sharing and, more importantly, from a healthy and boisterous economy that will be created from this new industry.

Do you believe that the discovery of hydrocarbons in Cyprus’ waters could become a catalyst to promote a solution of the still unresolved Cyprus problem?

It would be if we were dealing with logical players. I believe that Turkey now wishes to import gas from Cyprus as it is economically sensible to do so and it has no proven reserves of its own. Furthermore, I believe that Cyprus would benefit greatly from exporting gas to Turkey via a short undersea pipeline (without abandoning the LNG project). It is also clear that major powers now wish the Republic of Cyprus to be free to exploit its resources, independently of the control of any foreign overlord. The Government is willing to give the Turkish Cypriots their equitable share of any financial gain. However, unless Turkey matures enough to see an independent Cyprus as a partner and not as a potential protectorate, a solution will not be within reach.

Although Cyprus’ natural gas discoveries are recent, your company has been involved in providing services to international companies involved in the sector for some time. What services do you provide?

We offer services across the board as we are a full service firm of more than 50 lawyers. Our services are focused on corporate law and finance but also regulatory and environmental advice. We also maintain a strong litigation team. Furthermore, throughout the years, we have had a major shipping department. The firm is geared to serving major international banks and other corporates and has been involved in the financing of major energy projects in Russia and Eastern Europe in the last decade as well as in shipping finance involving LNG and tankers. The firm envisages being actively involved in the energy sector, acting as local adviser to investors, financiers, contractors, etc.
With this in mind, the firm is actively seeking to create ties and synergies with major players in the international arena.



Link to source: http://www.goldnews.com.cy/en/energy/we-need-to-speak-of-proven-discoveries

Head of Energy at Abacus Ltd. Talks Oil & Energy | Gold News

Head of Energy at Abacus Ltd. Talks Oil & Energy

GOLD speaks with Marianna Charalambous, Head of Energy at Abacus Ltd., to ask some tough questions about Cyprus' potential hydrocarbon sector

December 03, 2013

Abacus has recently appointed you as Head of Energy. How significant is this to the firm’s future plans and what services does Abacus provide?

This position resulted from the firm’s strategic analysis of the current business environment in Cyprus and the emerging opportunities together with client demand.  Abacus is a business consulting firm with an impressive list of international and global clients – many in the energy field – who, following recent developments, have requested the firm’s assistance. It was a matter of meeting threats and seizing opportunities by offering a new product in an emerging market. The appointment is significant because it addresses our clients’ needs and the firm’s strategy for the future. At this early development stage of the sector we seek to offer services to potential investors and the Government, promoting mutual interests creating business opportunities. These include consultancy services regarding the sector and relevant stakeholders locally, stakeholder engagement; local and regional business intelligence (industry follow-up and opportunity alert) and a review of local and EU-related legislation with an analysis of harmonisation and its alignment with business needs.

How significant are the hydrocarbon discoveries for the future of Cyprus, both socio-economically and geopolitically?

A potentially valuable asset is by itself significant; how significant depends upon whether it can be produced in adequate commercially profitable quantities. If so, it will change Cyprus’ business environment as a new industry will emerge. However, whether it will increase the standard of living of the average Cypriot will greatly depend upon how we manage this resource. Note that many of the poorest countries in the world are hydrocarbons-rich. Hopefully, Cyprus’ long-established legal systems and democratic history will contribute greatly towards the creation of a model which will yield a Norwegian rather than a Nigerian result. Geopolitically, if the resource proves to be commercially successful it will raise the value of the island, which could potentially increase conflict in the region particularly with Turkey. The rule of law is on our side and our developing alliances with powerful states and companies will hopefully prevent Turkey from engaging in ‘gunboat’ diplomacy.

There are currently no specific oil and gas tax laws in Cyprus. Are the present corporate tax laws applicable or will new legislation be necessary?

Generally, corporate tax laws apply to all companies, independent of sector. Indeed, Cyprus’ model Production Sharing Agreement (PSA) includes a clause addressing just that. Fiscal regimes are complex, balancing a plethora of issues magnified here because of the longevity of these projects and  they include the collection of most of the economic rent generated, ensuring a stable business environment, providing the potential for a fair return to state and companies, avoiding complexity, limiting administrative burdens and allowing flexibility to accommodate changing economic conditions. These are addressed both through national legislation and contract negotiation – the PSA. To assess the adequacy of Cyprus’ current regime vis-à-vis the considerations, one has to evaluate current law as well as the signed PSA which is confidential.

The local energy sector is characterized by its high dependence on imported energy and the strong dominance of oil in the energy balance. How is this going to change?

We could convert to our own natural gas for domestic needs which would reduce the cost of energy production in Cyprus. Recent press reports state that Noble Energy has offered a solution for the provision of domestic gas by 2016, reducing production costs by 12-15% and I understand that DEFA is also considering an ITERA bid for interim local needs. However, eventually we should use solar energy for domestic needs. Germany, with 140 days of annual sunshine, has achieved solar production of up to one third of its peak electricity needs. We have almost 290 days of annual sunshine! Solar energy, unlike oil and gas extraction, has the added benefit of creating a sizable number of jobs that provide a trickle-down long-term effect on the economy.

Do you believe that Cyprus and Greece will be able to settle their maritime boundaries disputes with Turkey?

Regarding maritime boundaries in the area, Turkey follows a longstanding policy of non- negotiation, blocking legal settlements by not submitting itself to the jurisdiction of the International Court of Justice (ICJ). Some commentators contend that Turkey simply objects in general so as to prevent any agreements from being formulated and there is no indication of this stance changing. Turkey’s refusal to accept international law is understandable: under international law, despite its long coastline, it has limited territorial sea and almost no contiguous zone in the Aegean and the Mediterranean as it is blocked by Greek islands. The ICJ has repeatedly ruled that the delimitation of boundaries is a process which simply demarcates what states already own and is not an exercise in apportioning or refashioning boundaries.  The Turkish claim that there are no maritime boundaries between Cyprus and Greece is, in fact, an attempt to refashion boundaries. Regarding Cyprus’ maritime boundaries, Turkey’s claim results from an illegal military invasion. The Court ruled that a de facto situation resulting from an illegal action cannot simply metamorphose into a de jure situation (Qatar v Bahrain).   Basically both the law and the Court are saying to Turkey “Too bad!” I believe that Cyprus, Greece and Egypt should come to a special agreement similar to that among Denmark, Germany and the Netherlands and request that the ICJ outline the law and draw the boundaries between them. The ICJ cannot decide in areas where it lacks jurisdiction – hence it cannot decide where Turkish interests are at stake – but can rule on the boundaries between Cyprus, Greece and Egypt.  An ICJ ruling, apart from establishing precedence, will determine the behaviour of international oil companies engaging in the Mediterranean.

Currently the EU produces around 48% of its energy needs within the Union and imports the remainder. Is this an area for Cyprus to step into and how great a contribution can Cyprus’ gas reserves make to Europe’s energy security?

Energy security has indeed been a high priority for states since even before Churchill’s Anglo-Persian agreement at the beginning of the 20th century. The EU is seeking to secure a continuous supply of energy in varied forms at affordable prices. The International Energy Agency expects energy demand to grow by 50% by 2030. Supply is affected by many factors such as the discovery of new reservoirs and the ability of companies to bring product to market. Extraordinary events such as earthquakes (e.g. Japan and Fukushima) also affect worldwide energy markets. Whether Cyprus will or can play a role in Europe’s energy security depends both on the quantities found and the island’s ability to deliver a competitively-priced product where the need exists. The Vasilikos plant can be an EU energy import point and, at the very least,, Cyprus will benefit from a percentage of the import duties. If Israel agrees to process its gas though Cyprus the profitability of the plant will be better assured. However, the Israeli parliament’s approval to export 40% of its reserves is currently being challenged.  Labour Party chairwoman MK Yachimovich and MK Reuven Rivlin (Likud) have launched a legal petition against any exports. We have to wait for the court’s verdict which could allow exports yet insist on their being processed from a plant on Israeli soil.  

Link to source: http://www.goldnews.com.cy/en/energy/head-of-energy-at-abacus-ltd-talks-oil--energy

Italian minister wants to import Israeli gas | Globes

Italian minister wants to import Israeli gas

Energy Minister Silvan Shalom: Israeli natural gas exports to Italy are a common interest of both countries.

2 December 13 15:55, Amiram Barkat

 

"Israeli natural gas exports to Italy are a common interest of both countries," Minister of National Infrastructures Silvan Shalom told Italian Minister of Economic Development Flavio Zanonato at the government-to-government meeting in Rome today.

Shalom and Zanonato discussed the Egyptian liquefied natural gas (LNG) option at the ENI SpA (BIT: ENI; NYSE: E) plant at Idku. Shalom outlined a proposal along these lines, and Zanonato said that he would promote it because it was the fastest and most economical way for all the parties, countries, and LNG companies. They also discussed the advantages and disadvantages of the Turkish, Greek, and Cypriot options.

By selling natural gas to LNG plants in Egypt, Israel could export gas to Europe, the buyer of Egyptian LNG. Egypt's two LNG plants are only partly operational because the development of the country's natural gas fields lags the rise in domestic consumption. As a result, the plants are losing billions of dollars. BG Group plc (LSE; NYSE: BG) operates the Damietta plant, and ENI and its Spanish partner operate the Idku plant.

During the meeting Mekorot National Water Company and Italian water utility Acea SpA (BIT: ACEA) signed a collaboration agreement. Shalom said that Israeli water technology was replacing the Jaffa Orange brand of the 1950s and 1960s, and that there was almost no country in the world, including countries with no diplomatic relations with Israel, that do not use Israeli water technology.

Shalom and Zanonato also discussed compressed natural gas (CNG) for use in public transport, following a meeting on the subject two months ago. Shalom, who encouraged the reciprocal delegations of experts to the two countries, signed a directive and a standard allowing the use and installation of CNG, told Zanonato that he welcomed the entry of Fiat SpA (BIT: F) and Iveco SpA into the Israeli market with CNG-powered cars and buses.

Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

Link to source: http://www.globes.co.il/serveen/globes/docview.asp?did=1000898403

Gas reserve estimates at Cyprus' Aphrodite lowered to 4.1 tcf | Reuters

Gas reserve estimates at Cyprus' Aphrodite lowered to 4.1 tcf

JERUSALEM Sun Dec 1, 2013 9:02pm IST

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STOCKS

Avner Oil Exploration LP

AVNRP.TA

335.40₪

+2.40+0.72%

12/01/2013

Delek Drilling LP

DEDRP.TA

1,916.00₪

+20.00+1.05%

12/01/2013

Noble Energy Inc

NBL.N

$70.24

+0.37+0.53%

11/29/2013

Dec 1 (Reuters) - The Israeli partners in a group drilling at Cyprus' offshore Aphrodite natural gas field said the estimated reserves there have dropped to 4.1 trillion cubic feet (tcf) from a previously estimated 5.2 tcf.

In a statement to the Tel Aviv Stock Exchange, Delek Drilling and Avner Oil Exploration, each with a 15 percent stake in the project, said the drop was mostly due to a decrease in the estimated thickness of the target layer.

Based on a report provided by consultants Netherland, Sewell & Associates, the statement also said there are significant" amounts of condensate - estimated to reach 8.1 million barrels. The group previously thought there were not commercial quantities of condensate at the field.

Texas-based Noble Energy leads the Aphrodite group with a 70 percent share.

FILED UNDER:

REGULATORY NEWS

Link to source: http://in.reuters.com/article/2013/12/01/cyprus-natgas-aphrodite-idINL5N0JG0GW20131201