Cyprus To License Offshore Oil And Gas Search

apc2010


Joined: 28/07/2010
Posts: 1689

Message Posted:
04/01/2011 18:33

A top Cyprus energy official said Tuesday that the Mediterranean island will go ahead with a second licensing round for offshore oil and gas exploration later this year in a move that could stoke tensions with Turkey.



Energy Service Director Solon Kassinis said in an e-mail that the licensing round "is anticipated to be announced within the second half of 2011."



The island's 51,000-square-kilometer (17,000-square-mile) exploration area off its southern coast is divided into 13 blocks. Kassinis said two blocks on the easternmost edge of the exploration area that were left out of the first licensing round in 2007 will be included in the second one

A top Cyprus energy official said Tuesday that the Mediterranean island will go ahead with a second licensing round for offshore oil and gas exploration later this year in a move that could stoke tensions with Turkey.



Energy Service Director Solon Kassinis said in an e-mail that the licensing round "is anticipated to be announced with

apc2010


Joined: 28/07/2010
Posts: 1689

Message Posted:
04/01/2011 18:34

http://www.npr.org/templates/story/story.php?storyId=132646166

CyprusChill


Joined: 08/05/2009
Posts: 666

Message Posted:
04/01/2011 19:58

' Top Cyprus Energy Official ' Solon Kassinis ... has not explained his intention for the whole of the Island.

Very small minded perhaps for a titled Director, who is not prepared to share.

CyprusChill


Joined: 08/05/2009
Posts: 666

Message Posted:
04/01/2011 20:02

Besides potential for small finds only due to subsea geology in the area, compared to that which is being explored in the Caspian Sea in a joint 50/50 Venture between Turkey and Chevron.

LaptaGeezer


Joined: 01/06/2010
Posts: 407

Message Posted:
04/01/2011 20:03

Just wait until Ayia Napa beaches are covered in oil.... that will kill off the tourist revenue!!

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
04/01/2011 20:05

apc

Lets see who buys the licenses. My guess is that they will have to give them away like they have done previously to marginal operators. The big boys will not be interested.

apc2010


Joined: 28/07/2010
Posts: 1689

Message Posted:
04/01/2011 20:08

msg 5 ..................are you serious ..?????.....how many oil ventures off Scotland ......

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
04/01/2011 20:28

Almost zero chances of oil there I am afraid, wrong type of sedimentary basin, reasonable possibility of gas, but it is a long way from the major deposition areas around the Nile estuary.

Also, with Cyprus being formed as a result of subduction, this also reduces the possibility of any finds close to the island itself.

Unlikely to be too attractive to majors as AJ says, and will be expensive to produce if only marginal as almost no (none in Cyprus) or very limited infrastructure to handle it.

But, dafter things have happened.



As CC says, the Caspian region is a different kettle of fish altogether geologically speaking, especially to the south near Iranian waters.



Someone will give it a go, and if you want to see the potential profits even the man i the street can make from this, especially from smaller companies, take a look at Rockhopper share price before and after they found gas south of the Falklands.

Some may think it's worth a punt.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
04/01/2011 23:31

It is after all only gurgle, gurgle, b......s. Crude oil !

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
04/01/2011 23:34

well reading all recently the big boys south side are making the money importing and exporting fake fags , pit you money there xxxxx

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
05/01/2011 10:16

the mond boggles !!



if the rig contruction is on a par with the average TRNC constructed house - God help the rig workers !