Specialist
Senior executive at E-C Natural Hydrocarbons Co Ltd
Agenda
- Discovered and potential natural gas resource base in Cyprus
- Development options for Cyprus’s natural gas reserves and timelines
- Fiscal framework, regulatory considerations and cross-border issues
- Market options for natural gas to Europe, incentives for resource owners and the competitive environment with resources in Israel, Egypt, Turkey and elsewhere
Questions
1.
What’s happening around natural gas in the eastern Mediterranean that’s so interesting? Could you give an overview of the key countries and most important things to know?
2.
How much gas has been discovered in Cyprus to date? You mentioned Turkey has 400 billion cubic metres in the Black Sea. What’s the resource size or opportunity in Cyprus?
3.
You mentioned how the majors, such as in Egypt, are more concerned about doing near-field and brownfield developments. Do you think the Russia-Ukraine conflict and the gas crisis in Europe will change the majors’ willingness to explore more, whether that’s in Egypt, Cyprus or somewhere else in this region?
4.
Do you think there is enough gas discovered in Cyprus to warrant moving ahead with the development project? Does it meet the standards?
5.
What would be the technical challenges to producing and exporting gas from Cyprus if the EU changed the attitude that other sources of gas were needed and the US said, “Yes, let’s develop the gas”? You mentioned Egypt, the possibility of an LNG [liquefied natural gas], two trains on Cyprus or exporting to other countries. What has to happen? Are there limits? Does new technology need to be developed in gas?
6.
How would Israel and Cyprus potentially work together? Are there issues between the two countries that need ironing out for the developments to take place?
7.
Chevron bought Noble in October 2020. Do you think it would have been different if Noble still controlled the Aphrodite and Leviathan assets? Might there have been more aggressive development in response to the prices we’re seeing?
8.
Can you estimate what capital would be needed to develop Aphrodite? NewMed wants to go ahead but can’t necessarily do it itself. Are we talking tens of millions, hundreds of millions or even billions of dollars?
9.
What are relations between Cyprus and Egypt like? Would there be any issues to work out in piping gas from Cyprus to Egypt? Is that straightforward or complicated?
10.
What issues with Turkey would need to be worked out to develop gas in the eastern Mediterranean? Are the Turkish preventing development in any way?
11.
Is energy important enough to Turkey that it could be used to work out an agreement, or are there more important issues the country would want to address?
12.
What role do you think the EastMed Gas Forum can play in development? What are the key things to understand here?
13.
What other events in the eastern Mediterranean should we monitor to understand how energy and natural resources will be developed? You mentioned the elections coming early 2023, but should investors be aware of any key conferences, speeches or company events?
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