Insider Economy Chevron and Noble Energy reconfirm their interest in East Med, Cyprus Energy...

Chevron and Noble Energy reconfirm their interest in East Med, Cyprus Energy Minister says

Oil & gas companies Chevron and Noble Energy have confirmed their interest in the Eastern Mediterranean and that their strategic plan has not changed as regards the exploitation of various licences they hold in the region, Cyprus’ Energy, Trade and Industry Minister Natasa Pilides has told CNA.

She was replying to a question about the contact she has had with the two companies since it was announced that Chevron would acquire Noble Energy.  Noble Energy together with Shell and Delek holds a licence for block 12 of Cyprus’ EEZ where Cyprus Republic’s first natural gas reserve was discovered.

Pilides told CNA that she has been in touch with the companies and has been reassured that their cooperation with the Republic of Cyprus will continue, during the entire transition period until the acquisition transaction is completed.

The Energy Minister said that the acquisition is still ongoing and that the necessary permits must be granted by the US relevant authorities and the acquisition must be approved by Noble Energy’s shareholders. It is expected that the acquisition will be completed in the next four to six months, she added.

“They have assured us that Noble will continue fulfilling its obligations and working with us, during the entire transition period until the acquisition is completed and that they will make sure that a smooth transition of the company will take place, which will allow us to continue cooperating without any interruption,” she noted.

Referring to legal issues which may come up in relation to this change in ownership, Pilides said that the Ministry is already looking into the matter and will expect further information from the companies in order to proceed with the necessary actions, adding however that they are considered to be procedural, standard procedures.

Both companies assured the Cypriot Energy Minister that they are very much interested in the Eastern Mediterranean area and that their strategic plan on the exploitation of various licences they hold in the region in general and not just as regards block 12 of Cyprus’ EEZ, has not changed.

Pilides continued noting that the government will follow developments in the near future.

Asked whether this development is likely to fast-track or delay the Aphrodite gas reserve’s exploitation, she replied that it is too soon to say.

“It depends on Chevron’s intentions but also from the discussions which will take place with their partners in block 12, Shell and Delek,” she noted, adding that “certainly, from our point of view we would like to avoid any delay and this will be what the Energy Ministry and the government will seek to achieve.”

She explained that delays have already been caused by the situation with the COVID-19 pandemic, expressing the hope that everything will go smoothly during the remaining 2020 and 2021 and companies will go ahead with their next steps.

COVID-19 related developments and international oil prices will be the main factors to affect projects in the region by companies who are licensed in Cyprus’ Exclusive Economic Zone, she estimated.

Asked about recent developments with Turkish provocations in the Aegean, she said that this is not something the companies have raised and at least for the time being it does not seem to affecting their plans.

She reiterated that factors which will affect companies plans more will be the economic situation, and market prices and whether they will improve enough in order for projects in the region to be profitable.


Top Stories

Concern over rise of covid hospital cases to 38, four critical-new infections over 100

  The Health Ministry today announced 113 new COVID-19 cases, out of 3,112 diagnostic tests, taking confirmed infections to 3,930. The health ministry has expressed concern...

Germany to go into circuit-break lockdown as virus cases surge

  Germany will impose an emergency month-long lockdown that includes the closure of restaurants, gyms and theatres to reverse a spike in coronavirus cases that...

1547-Highest ever number of new covid cases in Greece-deaths on the rise

  Greece recorded one thousand five hundred and forty seven new coronavirus  cases over the past 24 hours, the highest ever number since the start...

Huge 8500 euro fine for unmarked tobacco products

  A twenty nine year old was fined 8 and a half thousand euro for unmarked tobacco products that were discovered by police at his...

Ankara provocatively announces Varosha works, as Turkish minister illegally visits

  Turkey's Environment and Urban Planning minister Murat Kurum, illegally visited the fenced off city of Famagusta, accompanied by a delegation, the latest in a...


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...


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...