TUESDAY, 25 FEB 2020

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
GloriaJeans_266x90px
IMH LTD

Constantinos Petrides: Cyprus President Objected Reduction Of EU Funds For Migration

Nikos Christodoulides To Travel To Geneva For UN Human Rights Council

IMH LTD
GAP_Group_2019_468x60px

ECONOMY

Cyprus Signs Contracts with Eni and Total On Five Blocks of Its EEZ

Cyprus Signs Contracts with Eni and Total On Five Blocks of Its EEZ

Cyprus signed on Wednesday agreements with France’s Total and Italy’s Eni for exploration in block 7 of Cyprus’ Exclusive Economic Zone (EEZ). Contracts were also signed for the farm-in of Total in blocks 2, 3, 8 and 9, the CNA repots.
 
Cyprus’ Energy Minister, Yiorgos Lakkotrypis, said this is a very important development related to the Republic of Cyprus’ energy programme. He also noted that up to six drilling operations are expected to be conducted in the blocks for which ENI and Total have been licenced, while a total of nine exploratory and appraisal wells are expected to be carried out over the next 24 months.
 
Asked when the new drillings are expected to begin, the Minister said that this is currently being discussed with the companies. Moreover, he noted that today’s development strengthens the consortiums in Cyprus’ EEZ, at technical, economic and geopolitical level.
 
The contracts were signed during a ceremony at the Energy Ministry, in Nicosia, by Lakkotrypis and representatives of Total, ENI and the Korean company KOGAS, in the presence of Finance Minister, Harris Georgiades and the Ambassadors of France and Italy to Cyprus, Isabell Dumont and Andrea Cavallari, respectively.
 
The Cabinet approved last July the granting of a license for offshore block 7 to Total and Eni with a share of 50 per cent each. At the same time the Cabinet granted Total a license for blocks 2, 3, 9 and 8 in which Eni is already a licensee.
 
With the new contracts, Eni remains the major stakeholder in 2, 3 and 9 with a 60 per cent stake in block 2, a 50 per cent stake in block 3 and a 60 per cent in block 9. Total now owns 20 per cent, 30 per cent and 20 per cent respectively in the same blocks, while Kogas continues to hold 20 per cent in each. Moreover, Total will receive from Eni a share of 40% for block 8.
 
Speaking after the signing ceremony, Lakkotrypis said that the contracts signed add to the cooperation framework of the Republic of Cyprus with the companies, something that was achieved at the initiative of Cyprus President, Nicos Anastasiades, in cooperation with the Executive Directors of Total and Eni.
 
He went on to say that the signing of the contracts constitutes a very important development in Cyprus’ energy programme, as the presence of the companies in Cyprus’ EEZ is expanded and their strategic cooperation in the island’s EEZ is deepened and strengthened.
 
Moreover, Lakkotrypis said that “we are moving forward on schedule”, noting that some developments such as bad weather conditions have caused some delay.
 
Meanwhile, a source close to developments related to Cyprus’ energy programme has said that despite any provocations in Cyprus’ EEZ the programme remains on track and everything runs normally.
 
The source underlined that the fact that the two energy giants, Total and Eni, will now work together in various blocks of Cyprus` EEZ is very important, adding that the planning for the drillings is expected to be agreed in the next weeks.
 
As regards the Calypso well in block 6 of Cyprus’ EEZ, the source noted that an appraisal drilling has to be carried out. There have been indications that this well is expanded in block 7.  

Cyprus has been divided since 1974, when Turkish troops invaded and occupied its northern third. Turkey has ignored numerous UN resolutions calling for the withdrawal of the Turkish troops and respect of the integrity and sovereignty of the Republic of Cyprus.

Turkey issued a navigational telex (navtex), announcing its intention to start drilling off Cyprus and since 4 May 2019, the Turkish drill ship “Fatih” is anchored 36 nautical miles west of Akamas peninsula. The area falls within the Exclusive Economic Zone (EEZ) and continental shelf of the Republic of Cyprus. Ankara extended the navtex until November 1, 2019. A second Turkish drill ship, “Yavuz”, was anchored off the island’s north-eastern coast on July 8 and operated within the territorial waters of the Republic of Cyprus. Ac Turkish media reported earlier this week that Yavuz has completed the first round of drilling and is now off Mersin in southern Turkey.

EU Foreign Ministers endorsed on 15 July 2019 measures concerning Turkey’s illegal drilling in the Exclusive Economic Zone (EEZ) of Cyprus. In accordance with the 20 June 2019 European Council conclusions, Foreign Ministers also invited the High Representative and the European Commission to continue working on options for targeted measures in light of Turkey’s continued drilling activities in the Eastern Mediterranean.

MORE ON ECONOMY

Natasa Pilides Underlines Need To Maintain The Competitiveness Of European Shipping

Cyprus' Shipping Deputy Minister Natasa Pilides underlined "the need to maintain ...

Communications And Transport Had The Largest Positive Change Over Consumer Prices In January 2020

In January 2020, according to CyStat, the Harmonized Index of Consumer Prices (HCIP) ...

Substantial Increase In Investment Fund Assets For December 2019

The Central Bank of Cyprus has released yesterday the Investment Funds statistics for the ...

FROM AROUND GOLDNEWS

   

Foreign Minister To Travel To Geneva On Sunday For UN Human Rights Council Session

Cypriot Minister of Foreign Affairs Nikos Christodoulides will travel to Geneva on Sunday, to participate in the high-level part of the 43rd Session of ...
   

More Scheduled Flights To Paphos International Airport For Summer 2020

Paphos International Airport (PFO), located just 6 km from the city of Paphos and adjacent to the coast, provides access to popular Sea Resorts in areas such ...
   

Data Experts From Successful Global Brands At The 3rd Data Management Forum

Data is a massively valuable asset for businesses, and the way it is managed becomes more crucial with every new year. Data is invaluable, since it offers ...
   

The Director of LSE Dame Minouche Shafik in Cyprus

Cyprus LSE Alumni Association is organizing a conversation between LSE Director Dame Minouche Shafik and former Minister of Finance Michalis Sarris with the ...
   

Michael Kyprianou & Co LLC Admits 3 New Partners In Cyprus

Michael Kyprianou – Advocates & Legal Consultants is pleased to announce that as of 1 January 2020, Ioanna Solomou, Esme Palas and Lorena ...
   

Law Regulating Airbnb Rentals In Cyprus is Finally Enacted

On Friday 17/01/2020, the House of Representatives passed a new law, N. 9(I)/2020 (also “the Law”), regulating the registration and operation of ...
   

University Of Nicosia Team The Winner Of This Year’s CFA Research Challenge

The University of Nicosia’s team was the winner of the local CFA Research Challenge 2020 competition, organised for the sixth consecutive year by the CFA ...
   

Nicos Anastasiades: French Naval Presence In Cyprus’ EEZ Sends Clear Message

As reported by CNA, a frequent French naval presence in the Eastern Mediterranean and in particular within the EEZ of the Republic of Cyprus sends a clear ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Bioland_Event_24/02-20/03_300x250px
Gold_Issue_300x250px

IMH LTD