Cyprus Mail
Letters

What happens if oil prices dip below $60 per barrel?

Keith Elliott, Noble Energy senior VP Global Offshore (L) with Energy Minister Giorgos Lakkotrypis (Photo Christos Theodorides)

My understanding the ROC has agreed for its profit share to be tied to the oil price fluctuations and the range in the forecasts is between $60 and $80 per barrel.

In other word, the ROC’s profit share is an X (a variable) in the mathematical equation. And if the price dips below $60 for a prolonged time then the whole project may be in danger.

What I want to know is this:

1) The ownership percentage share of each party in the deal: Noble Energy (the US), Shell (Anglo-Dutch), Delek (Israel) and the ROC (the Greek occupied South Cyprus)

2) The resolution of the Israeli claim to the Aphrodite field. Will the ROC have to share eventually its profit share with Israel or is it built-in into Delek’s share?

Tal

Lakkotrypis: another milestone in Cyprus’ energy programme



Related posts

Our View: changes desperately needed at welfare department

CM: Our View

Our View: Underage drinking a far more complex issue than upping drinking age

CM: Our View

The empty bucket list

CM Guest Columnist

Our View: Government sending out mixed messages on social distancing

CM: Our View

European Union, a toothless organisation or a force for reform and stability

CM Reader's View

Our View: Ferry service a great idea but tough hurdles remain

CM: Our View