IRN held successfully the 2nd Annual Cypriot-Greek Oil & Gas Summit, April 18th-19th, Limassol

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The 2nd Annual Cypriot-Greek Oil & Gas 2013 was held successfully on 18th and 19th April at the Four Seasons Hotel in Limassol gathering 160 senior level delegates from international oil companies, governmental officials, university experts and service providers. The summit examined in depth the recent developments in the oil and gas industry in the two closely related countries with each of the experts elaborating on different perspectives.

The 2nd Annual Cypriot-Greek Oil & Gas 2013 was held successfully on 18th and 19th April 2013

It's an IRN Summit!

The 2nd Annual Cypriot-Greek Oil & Gas 2013 was held successfully on 18th and 19th April at the Four Seasons Hotel in Limassol gathering 160 senior level delegates from international oil companies, governmental officials, university experts and service providers.

The summit examined in depth the recent developments in the oil and gas industry in the two closely related countries with each of the experts elaborating on different perspectives.

The Chairman of CNHC, Mr. Charles Ellinas, highlighted that the construction of an LNG plant in Vassilikos will be the only way of gas transportation to actually move forward the future of hydrocarbon exploitation, as the other option, the pipeline system, besides being a past means of transportation is also not applicable in this situation, in a country having this vast potential for exports. Furthermore, the LNG plant in Vassilikos will enable Cyprus to become a gas hub for the Eastern Meditteranean region as it can easily facilitate gas transportation from the neighbouring rich in gas countries, Lebanon and Israel. Mr. Solon Kassinis, executive Vice president of CNHC supported this view, adding that the high calibre human resources and the strategic geopolitical location are definitely some advantages that make him believe this plan has huge potential, creating multiple gas routes to all the interested countries. In addition, Mr. Kassinis, being a former energy director in the Cypriot Ministry of Industry, Commerce and Tourism pointed out that until 26th of May, when the licensing round expires, perhaps more exploration blocks will be awarded or the bidding period might be extended.

Mr Ioannou, the former Chairman of DEFA (National Gas Company), also supported the view that Cyprus, as a member of the European Union and Eurozone, constitutes an excellent place for investment while the labour force is highly qualified and multilingual, taxation is very low, legal and accounting services are very efficient.

Dr. Theodore Tsakiris, from the University of Nicosia, elaborated on the discussions over the transportation of the Israeli gas through Turkey and from an academic perspective he believes that Turkey doesn’t have the infrastructure to sustain such a project and a floating LNG although it is of high cost, this plan has great possibilities should the government make the proper regulations getting the oil and gas companies involved and exploiting the knowledge available in the universities this plan has great possibilities.

On the second day, the Head of Minister’s Cabinet in the Greek Ministry of Environment, Energy & Climate Change, Mrs. Alexandra Sdoukou went through the process of data acquisition, the new law that was voted in 2011 for the modernization of the legal framework for Exploration & Exploitation of hydrocarbons and announced the plan for the hydrocarbon development in Greece, according to which by October 2013, the data room will be set up in Athens, the formulation of exploration blocks will be clear for bidding by December 2013, while the licensing round aims to begin in April 2014.

One of the highlights of the summit, was the presentation of the professor from the University of Cyprus, Dr. Constantinos Hadjistassou, who put in simple words the hydrocarbon reserves of the region into value-added economic activities, making the conclusion that if the appraisals of the gas lying in the Aphrodite gas field are correct then these reserves will surpass the U.K.’s proved gas reserves and specifically the block 12 alone will have enough gas to supply the energy needs of the Cypriot market for the next decades with opportunities of substantial exports.

The summit itself was characterized by its participants as very useful and the overall organisation as “state of the art” with the representative from the international oil company Shell, commenting: “The organisers provided perfect balance between technical & non-technical contents with relevant insights into the geo-political & economic peculiar situation of the region.”

The 2nd Annual Cypriot-Greek Oil & Gas Summit was sponsored by Clyde & Co, Halliburton, NRC, AirFrance KLM, PGS, Getech, PWC, Obeid Law Firm, GAC and Arntzen de Besche.

IRN, being an experienced summits organiser in the oil and gas industry is currently preparing two other projects, the inaugural Arctic Oil & Gas 2013 Summit that will take place on 18th-19th June in Oslo, Norway and the 2nd Annual Balkans Oil & Gas 2013 Summit that will be held on 24th-25th September in Athens, Greece.

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