{"id":100,"date":"2015-10-01T10:32:44","date_gmt":"2015-10-01T10:32:44","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=100"},"modified":"2015-10-01T10:32:44","modified_gmt":"2015-10-01T10:32:44","slug":"cyprus-picks-u-s-based-neos-to-map-oil-and-gas-prospects","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=100","title":{"rendered":"Cyprus Picks U.S. based NEOS to Map Oil and Gas Prospects"},"content":{"rendered":"

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NICOSIA: Cyprus has selected California-based NEOS Geosystems to create a three-dimensional map of the island nation\u2019s onshore and near-shore oil and gas prospects, the Ministry of Energy, Commerce, Industry and Tourism announced on Monday.<\/p>\n

\u201cThe new dataset will be non-exclusive,\u201d Minister Giorgos Lakkotrypis explained, \u201callowing prospective participants in Cyprus\u2019 emerging hydrocarbon sector to acquire crucial information to help guide their respective investment, exploration and development decisions.\u201d\u00a0<\/p>\n

NEOS, a global leader in the field, employs a unique combination of proprietary processes and technologies and information already available\u00a0 to build its maps, including multiple ground and airborne sensors and supercomputers running advanced analytics software developed in Silicon Valley. According to Jim Hollis, the company\u2019s CEO, this allows a \u201cquantitative integration of disparate imaging data that provides a faster, better and more-cost-effective workflow in previously underexplored areas.\u201d<\/p>\n

\u201cThe data will provide new insights into the subsurface geology onshore to near-shore and help the region to explore and exploit the hydrocarbon potential it possesses,\u201d he added, \u201chelping to create jobs for the local population, benefits for the national economy, and energy security well into the future.\u201d<\/p>\n

Supported by a group of high-profile investors that includes Microsoft founder Bill Gates, and venture capital firm KCPG (a ground-floor backer of Amazon, Google, and Sun Microsystems), investment banking giant Goldman Sachs, NEOS\u2019 approach has won high praise from Super Majors and other key players in the oil and gas industry. No less a figure than Dirk Smit, Shell\u2019s Vice President of Exploration Technology and formerly the company\u2019s Chief Scientist for Geophysics, predicted in an interview with Exploration and Production magazine that technologies like those employed by NEOS were destined to have a decisive impact.<\/p>\n

The company and its investment partners in the Cyprus venture \u2013 Beirut-based firms Energy & Environment Holding (EEH) and Petroserv \u2013 first applied its unique methodologies in the Eastern Mediterranean by carrying out a similar study for nearby Lebanon\u2019s CedarsOil project.<\/p>\n

\u201cI think that subsurface characterization or exploration will be more driven by more remote-type sensing technologies\u201d whose measurements might extend to such factors as gravity and magnetics, Smit told Exploration and Production. \u201cPerhaps this could be combining more refined measurements of surface expressions affected by climate, biology or geology with probing technologies that can be deployed airborne or on the ground.\u201d<\/p>\n

EEH CEO Roudi Baroudi said the new Cyprus map would add to mounting evidence of multiple world-class gas and\/or oil deposits in the Eastern Med.<\/p>\n

\u201cThanks to the dataset acquired by NEOS, Lebanon looks more promising than ever, (Italy\u2019s) ENI has discovered a supergiant gas field in neighboring Egyptian waters immediately adjacent to Total\u2019s sector offshore Cyprus, and the latest news from Syria is encouraging too,\u201d the Ministry quoted Baroudi as saying.<\/p>\n

Apart from the onshore and near-shore survey, the agreement also contains an option for NEOS to expand its work offshore into deeper waters.<\/p>\n","protected":false},"excerpt":{"rendered":"

NICOSIA: Cyprus has selected California-based NEOS Geosystems to create a three-dimensional map of the island nation\u2019s onshore and near-shore oil and gas prospects, the Ministry of Energy, Commerce, Industry and Tourism announced…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-100","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=100"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/100\/revisions"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}