SUNDAY, 24 MAR 2019

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2018_728x90px
GloriaJeans_266x90px
IMH LTD

Perdios: Sports Tourism Should be an Integral part of Cyprus’ Tourist Product

Cyprus and Portugal to Enhance Cooperation in Maritime Transport

IMH LTD
GAP_Group_2018_468x60px

ECONOMY

Turkey to Start Drilling for East Med Gas

Turkey to Start Drilling for East Med Gas

Turkey Energy Minister Fatih Donmez said Ankara will conduct its first exploratory drill for oil and gas in the Mediterranean in the coming months the same time as international exploration off Cyprus.

He did not clarify whether Turkey’s energy search would be in the same region where Cyprus, Egypt and Israel are also conducting drills, the Financial Mirror reports.

Donmez said that Turkey has been carrying out seismic research in the Mediterranean for the past five years and noted that the data obtained during these surveys are “extremely important”. “We have obtained a drilling platform. Within the next 1-2 months it will start drillings. We called it Fatih [conqueror]. Frankly speaking we expect to conquer our hydrocarbons reserves in the Eastern Mediterranean with this vessel,” said Donmez. “We are optimistic. Many neighbouring countries in Eastern Mediterranean have found natural gas. Our data is also particularly good and positive.”

Turkey’s exploration drills are likely to coincide with those of ExxonMobil and Qatar Petroleum who are expected to carry out two exploratory drills between September – December in block 10 of Cyprus’ Exclusive Economic Zone.

Donmez said Turkey’s first exploration drill will be in Antalya’s open sea within Turkey’s economic zone and the other off Mersin. He reportedly said: “We want to search for and find this natural gas or oil wherever it is, in the mainland or in the sea”.

In February, Turkish warships blocked a drillship commissioned by Italian energy company ENI, from drilling in block 3 of Cyprus` EEZ. Ankara has consistently warned foreign companies against drilling offshore Cyprus while the island’s division is unsolved. So far Cyprus has carried out three licensing rounds, awarding exploration licences for eight of its 13 offshore blocks.

Texas-based Noble Energy in 2011 made the first discovery off Cyprus in the Aphrodite block estimated to contain around 4.5 trillion cubic feet of gas – it has yet to be commercialised.

Cyprus has also issued exploration licenses to Italy’s ENI and France’s Total.

The discovery of nearby Egypt’s huge Zohr offshore reservoir in 2015 has stoked interest that Cypriot waters hold the same riches.

MORE ON ECONOMY

Cyprus and Portugal to Enhance Cooperation in Maritime Transport

Cyprus and Portugal have underlined their wish to further enhance their cooperation in ...

Lakkotrypis: Interest in Gas Increases Despite Turkish Provocations

Energy Minister of Cyprus Yiorgos Lakkotrypis has said that the fact that discoveries in ...

DBRS: Consumer Credit and Mortgage Lending Contract in Cyprus

Consumer credit in Cyprus kept contracting in January, the Canadian rating agency DBRS ...

FROM AROUND GOLDNEWS

   

Monaco International Luxury Property Expo 2019

The Monaco International Luxury Property Expo 2019, the world’s central B2C exhibition for upscale international real estate, will be held 15-16 May 2019 ...
   

PwC’s 4th Twitter Tax Cast to Provide Information on Cyprus’ Tax System

Business executives and the general public will have the opportunity to receive important information and also submit questions live on Twitter to PwC experts, ...
   

Fitch Upgrades Hellenic Bank to 'B+' and Affirms Bank of Cyprus at 'B-'

Fitch Ratings has upgraded Hellenic Bank Public Company Limited`s (HB) Long-Term Issuer Default Rating (IDR) to `B+` from `B` and Viability Rating (VR) to `b+` ...
   

Cyprus and Portugal to Enhance Cooperation in Maritime Transport

Cyprus and Portugal have underlined their wish to further enhance their cooperation in the sector of maritime transport during an official visit by Deputy ...
   

Perdios: Sports Tourism Should be an Integral part of Cyprus’ Tourist Product

Deputy Ministry for Tourism will work to render sports tourism an integral part of Cyprus’ tourist product, Deputy Minister Savvas Perdios has said on ...
   

British High Commission Continues to Support Innovation in Cyprus

Over recent months the British High Commission has supported a series of Innovation Workshops delivered by the Northern Ireland Cooperation Overseas (NICO) in ...
   

Infocredit Supports Boot-Camp Entrepreneurship-PEAK Up Your Success at EUC

Infocredit Group, committed in supporting innovation and youth entrepreneurship, was among the sponsors of the Boot-Camp Entrepreneurship-PEAK Up Your Success ...
   

Promoting Cyprus at the MIPIM International Property Exhibition in Cannes

Invest Cyprus (the Cyprus Investment Promotion Agency), accompanied by leading Cypriot companies active in the professional services and real estate ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

NewCyTech_22/02-22/04_300x250px
Monaco_Expo_06/03-16/05_300x250px

IMH LTD