Cyprus granted €35m for emergency oil reserve facility

It will be able to hold a month’s worth of supply

UK firm buys stake in Cyprus gas field for $165m

UK energy firm BG Group has bought a 35% stake in an offshore gas field in Cyprus. The firm agreed a purchase worth $165 million (£107.3m) with Noble Energy. The acquisition includes the newly discovered Aphrodite gas field which has natural gas resources of approximately four trillion cubic feet, according to Noble Energy. The transaction is […]

UK energy security an example for Cyprus

Energy security is something Cyprus can learn from the UK. Cyprus Energy Minister Yiorgos Lakkotrypis told ELN: “The plans of the country of how to create energy security for a nation which is ever expanding with more and more people populating the UK so I think that is one thing that we can learn from […]

Cyprus and Scotland to Med-dle with carbon emissions

The Med may one day be more than just a destination for British holidaymakers – it could also be a storage ground for waste carbon dioxide. Scientists from Cyprus and Scotland are working together on a “new frontier” for storing CO2 emissions from the region’s growing oil and gas sector. Researchers from the two countries […]

EU threatens nations with huge fines for poor renewable efforts

The European Commission wants to impose huge fines on several of its member states for failing to put EU renewable energy laws into national legislation. The Commission said yesterday it is referring Poland and Cyprus to the European Court of Justice for failing to transpose the Renewable Energy Directive, which demands the EU get 20% […]

Energy key to brokering Cyprus crisis loan with Russia?

Russia could step in to save Cyprus from financial disaster and offer it a loan in exchange for a deal on the nation’s offshore gas assets, according to reports. The island’s Finance Minister Michael Sarris told reporters in Moscow: “There’s a lot of teams now working on a number of issues. Banks, natural gas, are […]

Noble announce Cyprus gas discovery

Independent gas and oil company Noble Energy has announced further gas discoveries off the coast of Cyprus, after encountering around 310 feet of natural gas. The Cyprus A-1 well was drilled to a depth of 19,225 feet in water depth of about 5,540 feet. Results from Noble Energy indicate an estimated gross resource of 5 […]