Exports are even further afield, with some analysts suggesting as a start date. Russian energy giant Gazprom has offered the county assistance in exchange for some of the gas rights, according to the New York Times.
Inthe first and only gas was discovered offshore Cyprus, in Block 12, which is licensed to Houston-based Noble Energy Inc. With all of this in mind, Russia is doing its best to get in on the Levant largesse itself. But the process of exploring, developing, extracting, processing and getting gas to market is a long one.
Essentially, the bailout is the prop on a stage that will determine who gets control of these assets. Cyprus has found itself right in the middle of this geopolitical game in which its gas potential is a tool in a showdown between Russia and the European Union.
The field is modest by international standards. This is fraught with all kinds of political problems at home, so for now Ankara is keeping it as low profile as possible. Getting the gas extracted offshore and then pumped onshore could take at least five years and some very expensive infrastructure that does not presently exist.
In the meantime, there is no shortage of competition on this arena. The block holds an estimated 8 trillion cubic feet of gas. For comparison, fields being developed off the Israeli coast have four times as much gas.
Sign up Why natural gas will determine the future of Cyprus Cyprus could be sitting on 60 trillion cubic feet of natural gas. By Jen Alic Guest blogger Cypriot Bailout Linked to Gas Potential Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout.
As much as this is possible, the EU could ease its bailout negotiations if it becomes clear that a Russian bailout of sorts is imminent. But there are examples from recent history -- Venezuela and Mexico included -- where countries have mortgaged their energy wealth only to find themselves, years later, on the losing end of the deal.
The potential is there: Cyprus currently gets most of its energy from burning oil -- an expensive proposition. In accordance with this deal, which Israel has yet to approve, Gazprom will provide financial support for the development of the Tamar Floating LNG Project.
Noble estimates it could yield between 5 trillion and 8 trillion cubic feet of gas. What does this mean for Cyprus?Natural beauty of Cyprus. 25th May, | Article By Lesley Tan But it seems that the latest trend is to book into an all-inclusive resort where you spend most of your holiday sitting round the pool and eating, drinking and partying the night away, without ever seeing the REAL Cyprus.
Costas Constantinou, of Cyprus, takes great pleasure in. "Cyprus" and "luck" haven't exactly been synonyms lately, but at the end ofAmerican firm Noble Energy(NBL)made a find that was very lucky indeed: A giant natural gasfield off the country's.
Mar 21, · "Cyprus" and "luck" haven't exactly been synonyms lately, but at the end ofAmerican firm Noble Energy (NBL) made a find that was very. And we all know how important it is to have somewhere to kick back and relax when you're out and about on an adventure, and so, the My Cyprus Insider team has narrowed down some of our favourite benches in areas where you can enjoy the natural world in all its.
XVIDEOS Lesbea Young natural body lesbians face sitting and pussy eating free. Doubts over Cyprus gas bonanza Some experts believe Cyprus could be sitting on natural gas reserves worth up to €bn (£bn), a bonanza for a country with an estimated GDP of €15bn.Download