NICOSIA – Cyprus’ energy strategy will be examined during the Troika’s meetings with the Cypriot authorities.
The Troika mission (EC, ECB, IMF) which is on the island since July 17th, to review the implementation of Cyprus’ economic adjustment programme, will also examine Cyprus’ comprehensive energy strategy, a source from the European Commission told CNA.
“The mission will review compliance with the MoU with regard to important structural reforms – such as a draft reform plan for Cyprus’ welfare system, a comprehensive reform agenda to strengthen tax administration and tax compliance and a comprehensive strategy for Cyprus energy sector”, the same source said.
In addition, CNA has learnt that the Troika mission will further assess the economic and fiscal outlook and review the effectiveness of the fiscal consolidation that Cyprus has undertaken.
On March 25, Cyprus agreed with the European Commission, the European Central Bank and the International Monetary Fund, collectively known as the Troika, on a €10 billion bailout, which included the winding down of Cyprus Popular Bank, the island’s second largest bank, whose assets and employees were absorbed by Bank of Cyprus (BoCY), the island’s largest lender, which is currently undergoing a major restructuring.
Houston based Noble begun drilling in early July at the A-2 appraisal well location in block 12, which will take 60 to 90 days. In 2011 Noble announced that exploratory drilling in block 12`s A-1 well revealed an estimated resource of 5 trillion cubic feet (tcf) to 8 tcf, with a mean of 7 tcf. 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.
Apart from Noble Energy, Cyprus has also signed contracts with the ENI/KOGAS consortium for hydrocarbons exploration in blocks 2, 3 and 9, as well as with French TOTAL for blocks 10 and 11 in its Exclusive Economic Zone. On June 26, 2013, Cyprus government, Delek and Avner signed a Memorandum of Understanding (MoU) on the Cyprus LNG terminal

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