x

Society

Cyprus Makes Gas Deal With Foreign Energy Companies

June 5, 2019

With Turkey sending energy research vessels and warships into the island’s Exclusive Economic Zone (EEZ) to hunt for oil and gas, Cyprus has made a preliminary new deal with the United States’ Noble Energy, the United Kingdom’s Shell and Israeli conglomerate Delek over revenues from the Aphrodite field.

That also includes the transfer of natural gas by underwater pipeline to the Idku LNG terminal in Egypt, Cypriot Energy Minister Giorgos Lakkotropis said the renegotiated deal with the companies expected to bring in $520 million per year as state revenue and $9.4 billion for the agreed 18-year contract duration.

He said that compared with the existing contract, the new agreement will yield $850 million less but the agreement will insure the country can meet its energy needs, said Kathimerini Cyprus.

Lakkotrypis also said that the new agreement provides for “specific and very strict clauses” to ensure the realization of investments in EEZ, as the United States and European Union said Turkey should not infringe in the area.

Lakkotrypis said that the deal would soon be approved by the Council of Ministers and that it would be possible to utilize natural gas by 2024 or 2025. He also said an agreement with France’s Total and Italy’s Eni, licensed to drill in the EEZ, would be coming soon.

Cypriot President Nicos Anastasiades said he was willing to share potentially lucrative revenues – the US company ExxonMobil said it’s made a major gas find – with the Turkish-Cypriot side unlawfully occupying the northern third of the island since 1974.

That wasn’t enough for Turkish President Recep Tayyip Erdogan and Turkish-Cypriot leader Mustafa Akinci who said they wanted to take part in the licensing of companies as well, with Turkey then sending in its own vessels.

The hunt for energy has been a catalyst in hopes to reunify the island with the last round of talks collapsing in July, 2017 at the Swiss resort of Crans-Montana when Erdogan and Akinci said they would never remove a Turkish army from the occupied territory and wanted the right to militarily intervene again when they wanted.

RELATED

NICOSIA - You don’t mess with trying to claim the name Halloumi for the prized Cypriot cheese that’s one of its most important exports and an Indian firm that tried to do so was blocked there in a case brought by the Cypriot government.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

Video

Deck the White House Halls: Jill Biden Wants Holiday Visitors to Feel Like Kids Again (Vid & Pics)

WASHINGTON (AP) — Step inside the White House during the holidays by walking beneath the branches of a Christmas tree.

ATHENS - A bill drafted by the justice ministry which aims to bring substantial changes to the country's penal code and to expedite the administration of justice overall was released to public consultation on Tuesday.

TOKYO — Japan's coast guard has found a person and debris in the ocean where a U.

WASHINGTON — Donald Trump has embraced the rioters who attacked the U.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.