Cyprus-Forum.com

[Lit]

http://www.forbes.com/feeds/afx/2009/09 ... 19546.html

JERUSALEM, Sept 23 (Reuters) - Israel's Delek Drilling said on Wednesday it plans to exercise an option to join a natural gas exploration group in waters around Cyprus once it receives approval from Israel's government.

Noble Energy has the rights to the site but Delek Drilling and Avner Oil have an option to buy 15 percent each of the venture, known as Block 12.

Both companies are subsidiaries of Delek Energy.

'Noble has this area (near Cyprus) to explore. Noble would like us to be part of it. We can be part of the deal provided we get the permissions,' Zvi Greenfield, chief executive of Delek Drilling, told Reuters, declining to provide financial details.

He said the company was waiting for approval from Israel's National Infrastructure Ministry and Tax Authority and noted Noble has yet to start exploration of Block 12.

Delek Energy owns 49.8 percent of Delek Drilling, while the Delek Group conglomerate owns 89 percent of Delek Energy.


(Reporting by Steven Scheer; Editing by David Holmes)

[Lit]

JERUSALEM - Israel's Delek Drilling said on Wednesday it plans to exercise an option to join a natural gas exploration group in waters off Cyprus's shores once it receives approval from Israel's government.

US-based Noble Energy has the rights to the site but Delek Drilling and Avner Oil have an option to buy 15 percent each of the venture, known as Block 12.

Both companies are subsidiaries of Delek Energy.

http://www.cyprusweekly.com.cy/main/92, ... 2970-.aspx

[Nikitas]

If, and it is a very big if, oil and natural tgas are discovered in the EEZ of Cyprus, would this make the much touted pipe line obsolete? Is this why the Americans and Israelis are so keen to develop the Cyprus EEZ?

Personally I do not favor oil exploration for other reasons. But it is interesting to ponder the ramifications.