• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 8 mins Joe Biden's Presidency
  • 1 hour The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 4 hours Biden's National Security Director vows to release report on Khashoggi murder. Is it time to add to Brent futures long position ?
  • 1 hour The Debate Starts : Remake Republican Party vs. Third Party
  • 1 min Rejoining Paris Climate Accord is Devestating
  • 54 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 8 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 11 hours An exciting development in EV Aviation: Volocopter
  • 11 hours JACK MA versus Xi Jinping
  • 1 day Did I Miss Something?
  • 1 day Investments worthy in versatile and clean natural gas
Why Nikola Was Never Actually A Tesla Challenger

Why Nikola Was Never Actually A Tesla Challenger

Nikola took the markets by…

The Worst Oil Trades Ever Made

The Worst Oil Trades Ever Made

Wall Street is full of…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Premium Content

Cyprus to Drill for Oil Despite Turkish Threats

Though Turkey has threatened to block extraction of natural gas offshore Cyprus, the Greek Cypriot government has vowed to move forward with exploration and drilling.

Cypriot Foreign Minister Ioannis Kasoulides said that while the two countries were nowhere near an agreement, he was hopeful that progress would be made, and in the meantime, drilling would continue.

“Groups like Noble Energy, ENI and Total would not be investing billions in exploration here if they really thought Turkey was going to stop them," the foreign minister said.

Turkey is opposed to Cyprus exporting oil and gas – saying the energy wealth also belongs to Turkish Cypriots — and been accused of “gunship diplomacy” by the Greek Cypriots. Turkey lays claim to the hydrocarbon blocks to the south of Cyprus and extending to the border of Egyptian waters.

The ongoing issue was resurfaced in international media earlier this month when a Norwegian ship exploring in Cypriot waters was intercepted by a Turkish warship and forced to retreat.

Cypriot officials believe that there may be as much as 60 trillion cubic feet (Tcf) of natural gas in Cypriot waters.

US-based Noble Energy has already discovered 5 trillion cubic feet of natural gas in a single bloc of the offshore Aphrodite field to the south of Cyprus. Based on a preliminary 4.5 tcf assessment of reserves by Noble, the government expects a profit of $12-18 billion over a 14-year period.

Italy's ENI plans to drill in neighboring blocs this year, and France's Total next year.

Still waiting for commercial viability, the government of Cyprus—a member of the European Union—is hoping it will be exporting gas, and possibly even oil, by 2022.

The government is also placing much hope in plans for a $10-billion liquefied national gas (LNG) plant to ship LNG to the lucrative Asian market.

Last year, the island nation’s banking system collapsed, and the government is nearly bankrupt, bailed out only by a $13-billion rescue loan from the EU and the International Monetary Fund (IMF).

By James Burgess of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News