News Local Cabinet moves forward on plot 7 in Cyprus' EEZ

Cabinet moves forward on plot 7 in Cyprus’ EEZ

 

Cabinet decided Wednesday to invite companies that already have exploration licences for other blocks in Cyprus Exclusive Economic Zone (EEZ) to bid for block 7.

It also approved the tender documents for the creation of infrastructure for the import of liquefied natural gas (LNG) and announced a plan to subsidise roof insulations, amounting to 3 million euros.

Speaking after the Cabinet meeting, Mister of Energy Yiorgos Lakkotrypis said that, due to its geology, different companies have expressed interest for block 7 and thus it was decided to invite companies having licences in neighbouring Cyprus’offshore blocks to express interest. The process, he added, was similar to the process of the third licensing round and would concern the companies awarded “licenses” in blocks 6, 8, 10, 11 of Cyprus EEZ.

The Minister clarified that the government decided to proceed with that process in block 7 due to “very specific geological reasons” that have to do with “Calypso” field, a discovery in block 6 of Cyprus’ EEZ, announced by Italian company Eni last February. Eni is the Operator of Block 6 with 50% of participation interest while Total is partner with the remaining 50%. Calypso was considered by Eni a promising gas discovery that confirmed the extension of the “Zohr like” play in the Cyprus EEZ.

Invited to comment on information that French Total and American ExxonMobil are planning to create a consortium for block 7, Lakkotrypis said that he did not want to predict what the companies would do. The companies will have one month to submit their bids for the blocks. The bids will then go to an advisory committee and a negotiation process will follow.

Referring to the tender for the creation of infrastructure for the import of LNG in Cyprus, he said that the estimated cost for the project was approximately 300 million euro, including 100 million euro which are subsidised by the European Union.

The tender concerns among others the purchase of a floating LNG  unit, the construction of a jetty, the construction of a pipeline from the floating unit to Vassilikos power station, a storage system e.t.c.

On the Cabinet’s decision to announce a plan for roof insulation of houses, Lakkotrypis said that the plan would be launched next Monday with a budget of 3 million euros and will be open until the amount is exhausted.

The plan provides the funding of 25% of the eligible costs for each application with a maximum grant of 1250 euros .

(Cyprus News Agency)

 

Top Stories

Triple digit covid cases for a 3rd day running but going down-101 today One in 18 positive

  One hundred and oney new Covid-19 cases were announced today, out of 2 thousand 781 tests, taking the total number of confirmed patients to...

Sudan says it will discuss trade, migration deals with Israel

  Sudan and Israel will discuss agreements to cooperate on trade and migration issues in the coming weeks, the Sudanese foreign ministry said, signaling steps...

‘Macron a nutcase who’s lost his way’, Erdogan says in new insulting tirade

  Turkish President Tayyip Erdogan said Emmanuel Macron had “lost his way”, in his second sharp criticism of the French leader in two days over...

Armenian community in Cyprus holds Karabakh protest

  The Armenian community in Cyprus held an all-day protest today, condemning the Azeri attack on Nagorno Karabakh. The march went through various areas of Nicosia,...

Spain decrees new state of emergency in COVID-19 fight

  Spanish Prime Minister Pedro Sanchez announced a new state of emergency in an effort to curb soaring coronavirus infections, imposing local nighttime curfews and...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...