CERA suggests sovereign wealth fund for gas revenues

 

NOBLE Energy plans to drill two more wells in Block 12 to identify the spot where natural gas extraction can be conducted. 

John Tomich, Noble Energy operations director in Cyprus, said the new drillings would reveal a full three-dimensional assessment of the block. 

“One of the goals is the commercial exploitation of the deposits and there are plans for a pipeline that will possibly lead to Vassilikos”, he said. 

Tomich was speaking on the sidelines of the Economist Summit in Athens “Greece, Cyprus, Israel: Re-designing the European energy map”.

Meanwhile it was reported yesterday that energy regulator CERA has handed to the President a 47-page report recommending the establishment of a state-run hydrocarbons corporation.

CERA was also said to be recommending the setting up of a sovereign fund for gas proceeds and suggests a law be passed stipulating that 5.0 per cent of revenues be allocated to the budget and 95 per cent held for development and investment.

CERA estimates the cost of an LNG plant to around €10 billion.

 

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