France’s Total boosts Cypriot gas plan as it eyes Iran exit

In this file photo taken on Oct.12, 2016, the logo of French oil giant Total SA is pictured at company headquarters in La Defense business district, outside Paris. (AP/Michel Euler)
Updated 21 May 2018
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France’s Total boosts Cypriot gas plan as it eyes Iran exit

  • French energy company Total says it is looking to expand its search for natural gas off Cyprus’ south coast
  • Total is partners with Eni to search for oil and gas in two other areas off Cyprus

NICOSIA: French energy company Total says it is looking to expand its search for natural gas off Cyprus’ south coast and seeks to secure another exploratory drilling license, days after warning it could exit Iran over renewed US sanctions there.
Stephane Michel, Total’s Middle East exploration chief, said Monday that the company has applied for a license to search for hydrocarbons in Block 8, an area south of Cyprus where Italian company Eni is already licensed to carry out exploratory drilling.
Total is partners with Eni to search for oil and gas in two other areas off Cyprus. In one of the two, Eni said in February it has discovered a “promising” gas deposit with similar geological features as that of another discovery in Egyptian waters it described as the largest ever in the Mediterranean.
Cyprus Energy Minister Yiorgos Lakkotrypis called Total’s move an “important development” that expands the company’s exploration footprint off Cyprus.
Lakkotrypis said what gives the move added weight is the fact that Total’s interest comes three months after Turkish warships blocked a drillship from carrying out exploratory drilling by Eni in Block 3, an area southeast of Cyprus.
“After all that happened in Block 3, we see one of the most important partners of the Cyprus Republic wanting to expand its presence inside the Exclusive Economic Zone, especially in an area like Block 8 which is still unexplored.”
Turkey opposes what it calls a “unilateral” gas search by the ethnically divided island’s Greek Cypriot-run government, insisting that it flouts the rights of breakaway Turkish Cypriots to natural resources. Only Turkey recognizes a Turkish Cypriot declaration of independence and claims parts of exploration areas south of Cyprus which it says fall within its continental shelf.
The Cyprus government says any potential gas proceeds will be shared equitably with Turkish Cypriots after an accord reunifying the island is reached.
A deposit discovered off Cyprus by Texas-based Noble Energy in 2011 is estimated to contain around 4.5 trillion cubic feet of gas.
Total’s move also comes just days after it said it would have to withdraw multi-billion-dollar project in Iran unless it is granted a waiver by US authorities. The group said it cannot afford to be exposed to US sanctions, including the loss of financing by American banks.


Ryanair inks new deals with unions in Europe

Updated 15 min 19 sec ago
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Ryanair inks new deals with unions in Europe

  • Ryanair pilots across Europe staged a 24-hour stoppage in September to push their demands also for better pay and conditions

LONDON: Ryanair has inked deals with more unions across Europe, the Irish no-frills airline said Friday as it looks to avoid further strike action threatened by pilots and cabin crew.
“These signed agreements with our pilot unions in Portugal, the UK, Italy and shortly in Spain, demonstrate the considerable progress we’re making in concluding union agreements with our people in our major EU markets,” Ryanair’s head of human resources Eddie Wilson said in a company statement.
But the latest agreements are only a stepping stone toward the key demand of Ryanair staff outside Ireland that the airline stop employing them under Irish legislation.
Employees argue that the status quo creates huge insecurity for them, blocking access to state benefits in their own countries.
Ryanair’s statement came one day after Belgian unions representing the airline’s cabin crew threatened “several strike days before the end of the year” by Europe-wide employees.
Ryanair pilots across Europe staged a 24-hour stoppage in September to push their demands also for better pay and conditions, plunging tens of thousands of passengers into transport chaos at the peak of the busy summer season.
In July meanwhile, strikes by cockpit and cabin crew disrupted 600 flights in Belgium, Ireland, Italy, Portugal and Spain, affecting 100,000 travelers.
Earlier this month, Ryanair slashed its profits forecast and signaled job losses in the Netherlands and Germany as it reported on the fallout of the pan-European strikes.
An update on its earnings outlook and past performance is due Monday when Ryanair publishes half-year results.