Archives for News

Cyprus Gets EBRD Loan to Buy FSRU

The European Bank for Reconstruction and Development (EBRD) will provide an €80 million loan ($94,7 million), alongside EU and EIB financing, for a floating storage and regasification unit in Cyprus The EBRD is providing an €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of an FSRU and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus. The EU is extending a €101 million grant
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EBRD supports decarbonisation of energy sector in Cyprus

The population of Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU), EBRD press release said. The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in
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Cyprus gets EBRD and EU financing for natural gas

Cyprus’s dependency on oil for energy will be reduced after a €374 million landmark project introduces natural gas to the country for the first time. Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU). The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development
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Oil Majors Discover Significant Gas Field In Egyptian Waters

European majors Eni, BP, and Total have successfully tested a new natural gas discovery in Egypt’s shallow waters, the Italian company said on Tuesday, commenting on its find that adds to Egypt’s already sizeable natural gas resources. Once in production, the well Bashrush is estimated to deliver at up to 100 MMscf of gas and 800 barrels of condensate per day, Eni said. Eni is the operator of the North El Hammad concession, where Bashrush is located, with a 37.5-percent interest, BP holds another 37.5 percent, and Total owns 25 percent. The companies will be looking to develop the area
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Noble Energy’s buyout: what it means for Cyprus’ gas

Chevron agreed this week to acquire Noble Energy, mostly because of its shale oil and gas assets in the US, at a bargain price of close to $5billion – about 40 per cent of the value of the company at the start of the year. It will be an all-stock deal, equivalent to about 3 per cent of Chevron’s market value. But Chevron is also interested in Noble’s East Med natural gas assets, which, in addition to Tamar and Leviathan in Israel, also include the Aphrodite gas-field in Cyprus’ EEZ. Acquisition details Chevron is the second largest US oil company,
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“Gas Is The Most Important For The Next 30 Years”

Natural gas reserves discovered in the Mediterranean Sea around Egypt, Cyprus, Israel, and Greece are changing Europe’s energy politics. In the interview for BGS Talks show Yannis Bassias, former President & CEO at Hellenic Hydrocarbon Resources Management (HHRM), talks about exploration in the Mediterranean, changes in the gas market, ultra-deepwater drilling, and explains why Greece “is not a declared gas province yet”. The episode was filmed during the Сongress EPOCH 2019 dedicated to E&P and hosted by Project Director, Regina Chislova. Read the extracts from the interview provided by BGS Group exclusively for our readers. Watch the full interview at
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Cyprus to get 1st natural gas import terminal in 2 years

NICOSIA, Cyprus — Cyprus said it plans to transition to cleaner and cheaper natural gas for energy generation in two years as work officially began Thursday to build the east Mediterranean island nation’s first gas import terminal. Cypriot President Nicos Anatastiades attended a groundbreaking ceremony for the terminal, which with a budget of 289 million euros ($327.5 million) is expected to be the country’s costliest energy project. The terminal will feature a tanker ship built in Singapore and refitted to convert liquefied natural gas back into gaseous form for use in Cyprus’ main power plant. To continue reading the original
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Cyprus takes first step into LNG era

Cyprus takes its first step into the natural gas era on Thursday when President Nicos Anastasiades lays the foundation stone of the island’s first LNG terminal at Vasiliko, Larnaca. The €289 mln project is considered to be Cyprus’ largest energy venture and features an LNG floating storage and regasification unit (FSRU), a jetty, mooring facilities, a pipeline, and other onshore and offshore related infrastructure. Construction is expected to be concluded in 2022. “The project will pave the way for the electricity market, as without natural gas the market cannot open,” said Natural Gas Public Company (DEFA) chair Symeon Kassianides. To
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Did COVID Kill LNG Natural Gas Dreams?

The current minimum amount of positive figures or green shoots are swiftly removed by new depressing figures of crude oil stock volumes in USA or lower estimates of OECD and MENA region GDP figures for 2020. The total impact is still unclear, but one thing has become obvious, energy demand and supply is under pressure, but not yet balancing out the right way. At present, the main focus when talking about energy demand destruction is on crude oil and its products. Clearly, oil is struggling, but its sister, natural gas is totally on life-support. The Golden Age of Gas, as
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EU’s Borrell says Turkish gas drills off Cyprus ‘must stop’

European Union foreign policy chief Josep Borrell said Thursday (25 June) that “illegal” Turkish drilling for gas off the divided island of Cyprus “must stop”, as he met Cypriot officials in Nicosia. “Turkish illegal drillings must stop,” Borrell tweeted after meeting the Republic of Cyprus’ foreign minister Nikos Christodoulides. The EU’s top diplomat – who is on a two-day visit to Nicosia – said he had discussed with Christodoulides how to “bolster regional stability” and de-escalate tensions. “Delimitation of exclusive economic zones contested by Turkey must be done in full respect of international law and good faith, as proposed by
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