neo July 28, 2014 No Comments

July 2014 _ NBAC Members’ Lunch

A lunch has taken place at Karatello Restaurant for all the members of NBAC.

Mr. Torbjorn Forthun of Karabin AS (a Norwegian energy service firm) shared with members and guests some of his entrepreneurial experiences in setting up oil field service firms in Norway and his preparations for the anticipated forthcoming energy service market in Cyprus.

A big thank you to our members for attending the lunch and making this event a real success!

neo July 11, 2014 No Comments

Promising prospects for natural gas, while encouraging ones for oil

Addressing a conference on the security of natural gas supply, that took place  in Malta, the Minister of Energy, Mr. Giorgos Lakkotrypis has said that in addition to the discovery so far of 5 tcf of natural gas in Cyprus` Exclusive Economic Zone, the government is optimistic for further discoveries in the near future, as over the next 12 to 18 months the exploration activities of the licensees will intensify.

“Prospects appear very promising”, he said, adding that “moreover, there are encouraging indications for oil discoveries offshore Cyprus”.

The Minister added that more than 35 tcf of natural gas have been discovered in offshore Israel, approximately 5 tcf have been discovered in the Cyprus Exclusive Economic Zone (EEZ) and, according to Lebanese officials, preliminary estimates from seismic surveys show resources of about 30 tcf of natural gas in Lebanon.