Benefits from Oil Could Accrue Earlier than Gas
By Constantinos Hadjistassou*, PhD For the past one and a half year natural gas has occupied centre stage in the local media. Strikingly enough, energy developments in the Eastern Med have garnered sustained international attention. To put things into context, if the Aphrodite gas field, is appraised to say 225 billion cubic metres (bcm) or [...]
By Harris A. Samaras (*) The European Union, the International Monetary Fund and the international media blame Cyprus’ banking practices as the main cause of the crisis… and made sure, that the economy of Cyprus was ruined in just a weekend!!! Manically, German and French mainly politicians, argued that Cyprus is harboring criminal money, that [...]
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By Constantinos Hadjistassou*, PhD In attempt to stave off bank runs the President offered as a reward to depositors not withdrawing their savings from financial institutions, for a two years period, a bond tied to the island’s “natural wealth”– presumably natural gas. Under the circumstances financial resources aimed at averting a default were rather limited [...]
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By Harris A. Samaras (*) Are we witnessing the slow death of the European Union? Have the repeatedly failing EU policymakers finally opened Pandora’s Box with their recent proposal for Cyprus? Why are some European member states taking actions that are catastrophic for the European sentiment? Aren’t all citizens of the EU equal under the [...]
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There is an intense debate on the possibility of bailing-in bank shareholders and lenders of troubled financial institutions (ie forcing investors to take losses), or relying on taxpayers to take the hit. For example, in a recent debate Charles Goodhart from LSE argued against, while Matt King from Citi in favour of bailing-in. The main [...]
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By Constantinos Hadjistassou, PhD In light of the current dire economic situation that Cyprus has drifted into, the Aphrodite natural gas field in conjunction with the imminent exploration programmes of Total and ENI/KOGAS consortia offer a ray of hope. On the other hand, offshore blocks 2, 3, 9, 10, and 11, in the Eastern Med [...]
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By Constantinos Hadjistassou*, PhD The Minister of Commerce Mr Sylikiotis has today (Wednesday, 06.02.13) signed an agreement with Total SA granting the company the exclusive exploration rights for blocks 10 and 11 in the Cypriot Exclusive Economic Zone (EEZ). The solemn ceremony held at the Ministry of Commerce today marked the completion of the [...]
Continue reading …By Constantinos Hadjistassou*, PhD The discovery of fossil fuels in the Cypriot Exclusive Economic Zone (EEZ) in conjunction with vigorous interest from energy giants for hydrocarbons rights, during the second licensing round, constitutes a lifeline for the Cypriot economy. Recent developments pertaining to the negotiations between the short-listed companies and the Cypriot Government for the [...]
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By Constantinos Hadjistassou*, PhD More than one year since the official announcement of the discovery of seven (7) trillion cubic feet (tcf) of natural gas by Noble Energy, in the Cypriot Exclusive Economic Zone (EEZ), negotiations between the Government and Total’s and ENI’s consortia regarding blocks 2, 3, 9, 10 and 11 are progressing faster [...]
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By Michael J. Economides and Nicholas Mitsos Russian involvement in natural gas developments in the eastern Mediterranean is motivated by more than a desire for profit or the pursuit of political ends. It is also a defensive action to protect Russia’s national income from competitive supplies of natural gas from new prospective exporters into Europe. [...]
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