THURSDAY, 18 JUL 2019

 

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Theodosiou presents the “Shifting forces in the regional energy ecosystem”

Theodosiou presents the “Shifting forces in the regional energy ecosystem”

Over the recent past years, Cyprus has performed remarkably, delivering an impressive turnaround as unemployment continues to fall and economic growth continues to rise. These positive trends have been reflected in repeated upgrades by all major international credit rating agencies. This year’s economic congress aimed to provide comprehensive information on the latest economic trends and developments in Cyprus and across the world; as well as their impact on the island’s economy.

Varnavas Theodosiou, Lead Country Manager of ExxonMobil Exploration and Production Cyprus attended the 9th Nicosia Economic Congress held at the Hilton Park Nicosia on the 18th of April and gave a presentation on the “Shifting forces in the regional energy ecosystem”.

In his presentation Theodosiou discussed Europe’s natural gas demand and supply, and stated that the demand for natural gas been growing particularly in Southern and Eastern Europe.

Additionally, he said that gas is now helping Europe meet growing energy needs while reducing CO2 emissions, giving the UK as an example. “Total UK emissions have fallen by 32% since 2005, as gas and wind have displaced coal” Theodosiou explains.

Continuing, Theodosiou also gave an update on Cyprus’ exploration for natural gas, and mentioned the discovery made in February of this year in Block 10. “Further analysis will be done in the next few months in order to better determine the extent of the resource, and its potential development options. Benefits from any development and commercialization would be some years away” he says.

 

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