Cyprus News Agency: News in English, 12-01-31

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Noble Energy briefs Ministerial Committee on hydrocarbons

[02] Unemployment on Cypriot EU agenda

[01] Noble Energy briefs Ministerial Committee on hydrocarbons

In statements following the briefing by experts who are visiting Cyprus, Minister of Commerce, Industry and Tourism Praxoula Antoniadou said the in-depth briefing gave the Ministers comprising the committee (Ministers of Commerce, Finance, Interior, Agriculture and Undersecretary to the President) and the technocrats detailed data which lead Noble energy to its estimate with regard to the reservoir`s size, as well as the geological structure of block 12.

On December 12 Noble Energy announced that the results from drilling in block 12, formation logs and initial evaluation work ``indicate an estimated gross resource range(1) of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf.```

``It was a broad presentation of the results to technocrats and politicians who should be informed so that we could make our decisions on the basis of the best possible information,`` Antoniadou said in statements following the meeting.

She added that the experts also referred to the appraisal drilling to be made, which is expected to confirm the initial estimates concerning the size of the reservoir.

[02] Unemployment on Cypriot EU agenda

The members of the EU Council examined the effectiveness of measures taken so far to tackle the crisis and agreed to intensify efforts towards recovery. On March 1 and 2, the EU leaders will reevaluate the EU strategy. President of the European Commission Jose Manuel Barroso presented the situation regarding the unemployment of young persons. The European Council believes that balanced policies are necessary to overcome the problem and boost competitiveness. The Council members agreed that emphasis be given to the viability of small- and medium-sized enterprises.

President Christofias said the unemployment of young persons was a challenge for the EU as a whole, and pointed out the need to provide young persons with the opportunity to improve their academic qualifications and vocational skills, in order to enhance their access to quality jobs.

He said it was ``our duty`` to give hope and prospects to young persons and secure the wellbeing of future generations by handing down a robust and socially responsible Europe.

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