Ladies and Gentlemen,
Nowadays the hydrocarbon exploration and exploitation field de facto monopolies public
discussions. This is an area that requires careful and well-considered management, since the
rational exploitation of hydrocarbons in the Cyprus EEZ can contribute greatly to the economic
development of the country.
Therefore besides the strategic objective of the Government to exploit our indigenous gas
reserves, we have also focused on the development of the medium-term prospects that are
generated. Obviously this is a key sector as far as the future of our country is concerned. For
example, these relate to the increased interest that we are receiving for establishing companies
in Cyprus providing logistic services to the oil and gas industry.
There have already been published, I think, enough about the contacts and agreements we
have achieved with neighbouring countries, but also with companies and joint ventures
operating in Cyprus EEZ. However, I must point out, once again, the central role of Cyprus in the
creation of the necessary regional cooperation. Indicatively I note both the Memorandum of
Understanding signed with Jordan to cooperate in the areas of Renewable Energy and
Hydrocarbons, and the ratification from the Egyptian Government of the important Agreement
concluded for the development of cross median line Hydrocarbon resources, i.e. the limit of the
EEZ of the two countries
The announcement of a discovery of substantial quantities of natural gas in Exploration Block
12 by Noble Energy International Ltd at the end of 2011 and the performance of production
testing procedures in last year, which resulted to the conclusion that “Aphrodite” structure
represents the third largest field discovered to date within the deep-water Levantine Basin,
constituted a historic milestone for the country. In addition, Cyprus, exercising its sovereign
rights derived from the international law and conventions, succeeded in involving large oil
companies, such as Eni, Total and Kogas, in the offshore hydrocarbon exploration activities.
Currently there is an ongoing research drilling project by the consortium ENI / Kogas which is
expected to last for at least 12 months. The results of these new wells will be a catalyst for
determining the next move.
Ladies and Gentlemen,
In closing, let me say that the Government, amid the difficult conditions we are experiencing,
continues its efforts to promote Cyprus as a safe investment destination and a reliable business
centre of activity for foreign companies. Especially after the discovery of hydrocarbons in the
Cyprus EEZ, foreign investors began to show great interest in investing in our country. Already
our actions seem to have brought the first tangible results - from June to August 2014
registrations of new companies increased by 13%.
Again, I wish the organizers and the exhibitors every success in this important exhibition.
Thank you for your attention.
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