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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (105201)	3/22/2014 1:55:14 PM
From: Haim R. Branisteanu	Respond to of 218905

European sleeping at the switch ---- Ukrainian Energy Minister Eduard Stavytsky has said the country could in future tap at least 5 bcm from shallow shelf areas in the Black Sea. However, Ukraine would need to invest up to $10 billion a year over the next three to five years to be able to start exploration and extraction at a significant level, said Alexey Volostnov, business development director at consultancy Frost & Sullivan in Russia. Other challenges to Black Sea exploration include a lack of infrastructure, high investment risk as only one in five wells might prove successful, and difficult access via the Bosporus Straits, said OMV, which has two projects in Black Sea waters. Unless there is a major discovery which allows one of the countries to become a net gas exporter, it is likely that any gas production would be consumed locally, analysts said. Much more investment in transport infrastructure would be needed to enable exports to western Europe. If gas supplies are eventually exported, they could face other problems beyond Russian efforts to defend its market dominance - direct competition with supplies from the eastern Mediterranean. Huge offshore gas discoveries in the eastern Mediterranean Levant Basin mean that the region could begin exporting gas to Europe by the end of this decade. Recoverable gas in the Levant Basin, which lies largely in Cypriot and Israeli waters, hold some 3.5 trillion cubic metres of gas, the U.S. Geological Survey has estimated. That would meet all of Europe's gas demand for seven years and could mean exports of as much as 2 trillion cubic metres from Cyprus and Israel worth some $800 billion at current European gas prices. reuters.com