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Effective Management of Cyprus’s Gas Reserves – Towards the Cyprus of Tomorrow. Professor Toula Onoufriou Vide Rector for Academic Affairs Department of Civil Engineering and Geomatics Cyprus University of Technology and Chairwoman of The Cyprus Hydrocabons Company.

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slide1

Effective Management of Cyprus’s Gas Reserves – Towards the Cyprus of Tomorrow

Professor Toula Onoufriou

Vide Rector for Academic Affairs

Department of Civil Engineering and Geomatics

Cyprus University of Technology

and

Chairwoman of The Cyprus Hydrocabons Company

3ο Ενεργειακό Συμπόσιο, Κύπρος 2014

Η Συμβολή της Κύπρου στη Νέα Ευρωπαϊκή Ενεργειακή Στρατηγική

slide2

Introduction – Hydrocarbon Discoveries in Cyprus and Current Status

  • Initial gas discovery offshore in Dec 2011 in Block 12 by Noble Energy, estimated around 4 trillion cubic feet, further confirmatory drilling
  • ENI/KOGAS have blocks 2,3,9 seismic surveys, planning exploration drilling to start in 2014
  • TOTAL have blocks 10,11, seismic surveys, plannng exploration drilling 2015
  • There are also indications for oil

2

slide3

Significant Opportunity for Cyprus to

Reposition Itself

  • The discovery of natural gas offshore Cyprus coupled with other discoveries in the region is
  • a significant development for the island and the region
  • in a time of financial and economic crisis
  • If the right policies and effective management are put in place
  • Cyprus’s energy resources can help the country
  • to emerge from the economic crisis stronger
  • Cyprus can emerge as an advance economy and knowledge society by
  • Capitalizing on its strengths
  • Modernizing existing key areas of the economy
  • Investing in new strategic areas
  • Forming strategic alliances to achieve these long term objectives

3

slide4

If we Look at Cyprus

  • Cyprus has a strategic location in an energy producing region
  • AEuropean country operating under EU law at the junction of three continents
  • These new prospects create the opportunity for Cyprus to be established as an Energy Centre
  • And together with Israel and possibly other energy producing countries in the region it can contribute to the EU energy security
  • These aspects can provide incentives for the EU, the US and other countries to support the hydrocarbon developments in Cyprus

4

slide5

A Multifaceted Strategy and Effective Management at Many Different Levels is Required

  • To capitalize on this tremendous opportunity for our country
  • In order to achieve these objectives
  • And raise the country to another level through a sustainable development and growth strategy

5

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Effective Management of Cyprus’s Gas Reserves Towards the Cyprus of Tomorrow

  • Regulatory regime
  • National Oil Company
  • Export infrastructure
  • Interim gas supply
  • Infrastructurefor domestic gas distribution
  • Stimulate internal gas market
  • Energy strategy integrating renewables
  • Safeguard against Environmental Disasters
  • Investment Fund
  • Sustainable Development of Cyprus Economy
  • Human Capital Development
  • Discoveries so far
  • Further licensing
  • Exploration and production

Key elements of Management Strategy

  • Strategic International Alliances

6

slide7

Key Elements of the Management Process

  • Regulatory regime for governance of upstream and downstream operations
  • Cyprus Hydrocarbons Company
  • Proceed with the infrastructure developments to support these activities
  • Important to complete these process learning from best international practice
  • This should build confidence with interested international investors and attract high caliber companies to operate in Cyprus

7

slide8

Export Infrastructure to Support Export Activity of

Natural Gas

  • Gas supply will largely exceed domestic demand, Cyprus is developing an export strategy
  • This is likely to involve liquefied natural gas (LNG) facilities rather than pipelines or electricity cables, given
    • technical and geographical constraints,
    • cost considerations,
    • and the need for flexibility in the volumes of gas processed and transported and in reaching international markets
  • Expandable LNG plant, tolling system, offering third party access
  • An LNG pant will be of strategic importance to Cyprus towards establishing as a Regional Energy Hub

8

slide9

Interim Solution for Gas Supply

  • Cyprus also needs to find an Interim solution for gas supply until Cypriot gas comes on stream
  • For guaranteeing the country’s fuel and power requirements and reduce prices
  • By importing natural gas for domestic use until gas from Block 12 arrives on the island
  • This is currently under examination
  • All options need to be assessed to arrive at a viable solution

9

slide10

Environmental Impact – Safeguard Against Environmental Disasters in the Region

  • Most important element - The quality in all our operations
  • Best international practice to be followed in all our operations
  • Establish a regulatory framework to monitor and oversee the work of the companies to ensure that these best practices are followed
  • Work with major international companies who follow best practice
  • Trainingof our staff responsible for various aspects of developments to high standards
  • Establish collaborations and procedures which deal with accidents in case these occur in order to minimize any catastrophic effects
  • Collaborations with other countries in the area e.g. Israel

10

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Developing an Investment Fund

  • Learn from successful examples form oil producing companies like Norway and avoid mistakes failures of the past
  • This needs to be managed independently from current government policies
  • Invest wisely to achieve the short and long term benefits and objectives
  • Rather than current budget support or plugging holes in the economy
  • Think strategic and long term
  • Learn from other successful experiences e.g. long term investment in research and technology development in Norway and currently Brazil

11

slide12

Sustainable Growth of Cyprus Economy

  • If we look at the Cyprus’s economy today this is limited
  • To tourism
  • and business/ financial services
  • The potential revenues from the hydrocarbon explorations
  • Need to be used wisely to bring about many
  • short and long term and sustainable benefits for the country’s economy
  • This will need to include investment in:
  • Improving infrastructure
  • Public services
  • Industrial competitiveness
  • Modernising and strengthening key areas of the economy
  • And building new strategic area

12

slide13

Modernizing key Areas of the Economy

  • Strengthening existing areas such as
  • Tourism
  • Business
  • Shipping
  • Medical services

13

slide14

Building new strategic areas

  • Build new strategic areas such as
  • Education and training
  • Research and technology development
  • Establishing Cyprus as an education, training, research and technology development center for the region

Research and Technology Development

14

slide15

Research, Innovation and Entrepreneurship Framework

Presentation of the National Committee for Research Innovation and Technology Development Proposals for a

“New National Framework for Research Innovation

and Entrepreneurship”

To the President and the Government of Cyprus

26 March 2014

Presidential Palace

Research and Technology Development

Next Stage - IMPELEMENTATION

15

slide16

Building new strategic areas

  • Also tackling new areas of strategic importance for the future for the country, the region and internationally
  • These may include areas such as:
  • Conventional energy and renewables
  • Water shortage
  • Climate change
  • Energy efficient buildings

16

slide17

Developing the Human Capital

  • Key Element to this Developments and their Success is Developing the Human Capital
  • A lot of these developments can be developed utilizing the significant human capital of highly educated workforce based on a strong culture for education in Cyprus
  • A workforce that is currently underutilized in Cyprus
  • That can be channeled in these areas so that the country can emerge as an advance economy and
  • A knowledge society with strong capabilities in education, training, research and technology development for the benefit of Cyprus, the EU and the region

17

slide18

This Opens up Many Opportunities for International Collaborations

  • With leading centers in Europe, the US, Israel and others
  • Such as academic, research, industryorganisations
  • To bring expertise in Cyprus to jointly build these areas for the future for mutual benefit

18

slide19

Developing the Human Capital Potential

  • Training objectives
  • Training a new generation of young professionals and entrepreneurs who will have the knowledge and skills to work and thrive in this new environment
  • Training the staff that will man the various government and other bodies that will support this industry (National Oil Company, Regulatory Bodies, Ministries etc)
  • Train skilled workers to support the various operations offshore and onshore related to the hydrocarbon industry (e.g. major oil companies, LNG plant, specialized and other support services etc)

19

slide20

Developing the Human Capital Potential

  • Combination of actions required
  • Training in Cyprus Universities, Colleges etc
  • Training abroad, establishing a number of scholarships in key areas to study at top universities overseas
  • Attracting some key experienced people from abroad to come and work in Cyprus (Cypriots and others)
  • Select the high caliber young and more experienced staff to benefit from internships with major international companies/universities abroad
  • Working with overseas universities and training centres to develop the education and training capabilities in Cyprus

20

slide21

Need to Have an Outward Looking Policy with Strategic International Alliances

  • Strategic alliances at various levels government, industry, universitiesetc to achieve the best in terms of:
  • National security
  • Environmental safety
  • Joint infrastructure collaboration
  • Human capital development
  • Education and training
  • Research and technology development

21

slide22

Political Problem in Cyprus

  • It is hoped that in parallel with these developments
  • These prospects can form the catalyst for a solution to the political problem
  • So that all communities in Cyprus can benefit from these resources
  • Also contribute to political stability in the region

22

slide23

Effective Management of Cyprus’s Gas Reserves Towards the Cyprus of Tomorrow

  • Regulatory regime
  • National Oil Company
  • Export infrastructure
  • Interim gas supply
  • Infrastructurefor domestic gas distribution
  • Stimulate internal gas market
  • Energy strategy integrating renewables
  • Safeguard against Environmental Disasters
  • Investment Fund
  • Sustainable Development of Cyprus Economy
  • Human Capital Development
  • Discoveries so far
  • Further licensing
  • Exploration and production

Key elements of Management Strategy

  • Strategic International Alliances

23

slide24

By Adopting the Right Strategies

  • Cyprus can emerge from the current crisis with a more diversifiedeconomybuilt on its strengths
  • With a strong oil and gas industry and related services
  • And building new capabilities and strengths in other strategic areas for the economy

24

slide25

Cyprus Can Develop Into an Energy Hub

  • Both in terms of
  • Producing, processing and exporting gas to Europe thus contributing significantly to Europe’s energy security
  • And also becoming a centre for education, training, research and technology development serving the region and Europe in key strategic technological areas for the future
  • Such developments will be of significant benefit for the country, the region and Europe

25

slide26

Thank you

Thank you

Professor Toula Onoufriou

Vide Rector for Academic Affairs

Department of Civil Engineering and Geomatics

Cyprus University of Technology

and

Chairwoman of The Cyprus Hydrocabons Company

3ο Ενεργειακό Συμπόσιο, Κύπρος 2014

Η Συμβολή της Κύπρου στη Νέα Ευρωπαϊκή Ενεργειακή Στρατηγική