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Gas profits will be lower than estimated: Nami

24 March 2015

Foreign Minister Ozdil Nami, says that profits from South Cyprus’ Aphrodite field will be less than predicted.

Referring to the recent decision by the Greek Cypriot government to extend natural gas exploration with Total-France and their target revenue of 1,400,00 Euro per day from Aphrodite field, Nami said that it is evident that they have not discovered as much hydrocarbon as they had estimated.

Nami went on to say that it is not difficult to work out that the potential income for the 2018-2020 period, will be lower compared to today’s energy market revenues, because the diversifying of world energy sources such as the discovery of shale gas will increase and therefore will affect prices.

Asked why the Greek Cypriot side signs unilateral agreements with energy companies on drilling operations despite the fact that both communities will profit from the revenue of the natural gas found offshore South Cyprus, Nami said that the rights of the Turkish Cypriots are not only limited to revenue from the hydrocarbons, but they should be included at all stages of the processes regarding extraction and development resources, including the agreements with the companies. He added that they voice this argument on every platform.

Nami reiterated that the Turkish Cypriot side has laid constructive proposals on the negotiating table regarding this issue.

Referring to the Cyprus talks, Nami said that the Turkish Cypriots expect the Greek Cypriot side to return to the negotiating table without preconditions and that the talks resume without any further delay.

Source Diyalog

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