Kassoulides, Fabius meet

Admin — Mon, 03 Jun 2013 19:50:45 +0000

Cyprus’ finances, the Cyprus Problem, EU and Eurozone development, the French President’s most recent EU initiatives, Europe-Turkey relations and bilateral relations between Cyprus and France on Tuesday dominated Foreign Minister Ioannis Kasoulides’ meeting with his French counterpart Laurent Fabius.
The meeting, part of Kasoulides’ working visit to France, also included discussion on developments in the Middle East and the wider Southeast Mediterranean area, regional issues, and energy related matters, with particular emphasis on the situation in Syria and Mali.
Presenting Cyprus’ current economic situation to Fabius, Kasoulides underlined the government’s dedication to successfully managing the crisis within the EU and Eurozone framework.
Kasoulides stressed the Republic of Cyprus’ commitment to finding a fair and viable solution to the Cyprus Problem through the United Nations resolutions and based on international law and the human rights of all Cypriots. He also underlined the need for proper preparation and demonstration of the necessary political goodwill by all ahead of talks recommencing.
France and Cyprus’ excellent relations—based on common principals and values—was also reconfirmed.
An extensive review of issues connected to exploiting the natural wealth in Cyprus’ Exclusive Economic Zone (EEZ) was provided, given French company TOTAL hydrocarbon exploration licenses. Fabius reconfirmed his country’s support of Cyprus’ right to exploit its EEZ hydrogcarbon reserves.
Kasoulides is also due to meet with France’s European Affaires Minister Thierry Repentin, President of the Foreign Affairs Committee at the French National Assembly Elisabeth Guigou, Secretary-General of La Francophonie Abdou Diouf, parliamentary officials, and the French president’s diplomatic advisor Paul Jean-Ortiz .
Kasoulides will also be attending a dinner organised by the Ambassador of Cyprus to Paris with MPs from the France-Cyprus House Friendship Group.
Kasoulides is also lecturing at the Institut Français des Relations Internationales (IFRI), one of France’s most important think-tanks, on ‘Geopolitics in the Eastern Mediterranean: A Cypriot Perspective.’

Published by: www.incyprus.com.cy

Block 12 drilling

Admin — Sat, 27 Apr 2013 07:28:42 +0000

NICOSIA – Confirmatory drilling in block 12 of Cyprus` exclusive economic zone will begin as soon as the rig is transferred there, in mid- or late June, and is expected to be completed by October, Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis has said.

To remarks that the interim solution for importing natural gas seemed unprofitable and it would be better to bring natural gas directly from Cyprus` blocks, Lakkotrypis said decisions would be taken next week, after he briefs the President of the Republic on the situation.

Asked when a new Chairman of Cygas, Cyprus` natural gas public company, would be appointed, Lakkotrypis said this was a decision for the Council of Ministers, which would be convening again on May 8.

To questions when Cyprus would be able to exploit its own natural gas, the Minister noted that “for our own consumption we are waiting to see the results of the interim solution and at the same time we are looking at some other options we may have, but it is not time yet to announce anything.”

Asked when confirmatory drilling would take place in block 12, Lakkotrypis said “the rig will be moved to block 12 in June, mid or late June, confirmatory drilling will begin almost immediately, and we hope it will be concluded by October.”

He added that “when the confirmatory drilling is completed and we know the quantities, the quality and the recoverable quantities, the procedure must begin to declare the deposit marketable.”

Exploratory drilling conducted by Noble Energy in Block 12 of Cyprus’ exclusive economic zone has revealed a gross natural gas reserve from 3 to 9 trillion cubic feet with a 60% probability of geologic success.

Noble is expected to extract and transfer natural gas to Cyprus by late 2018.

Contracts have been signed with the ENI/KOGAS consortium in blocks 2, 3 and 9 within Cyprus’ exclusive economic zone and with Total for blocks 10 and 11 in the context of the second licensing round.

Published by: www.incyprus.com.cy

Total | Cyprus Gas News keep you up to date with all news about Cyprus Gas and Oil reserves.

Kassoulides, Fabius meet

Block 12 drilling