Cyprus-Forum.com

[ARMENIAN CYPRIOT]

In December, Cyprus and Israel signed an agreement demarking their common boundary to their exclusive economic zones.
11 January 11 13:59, Globes' correspondent
"Bloomberg" reports that Noble Energy Inc. (NYSE: NBL) may conduct offshore exploratory drilling in Cyprus's exclusive economic zone. Cypriot Ministry of Commerce, Industry and Tourism's Energy Service director Solon Kassinis said that natural gas reserves in the Cypriot sea block for which Noble Energy acquired a license may amount to 10 trillion cubic feet of natural gas.
Kassinis said that Cyprus will announce a second tender round for oil and gas exploration rights for its offshore territory towards the end of 2011. The licensing round for 12 blocks will be announced after Noble Energy, which won a license in the first round in 2007, completes planned drilling work by October.
The Leviathan 1 exploratory well, in Israel's exclusive economic zone, borders Noble Energy’s Cypriot block. Leviathan may contain as much as 16 trillion cubic feet of gas. The nearby Tamar field, in which Noble Energy is also a partner, has an estimated 8.5 million trillion cubic feet of gas.
On December 17, Cyprus and Israel signed an agreement demarking their common boundary to their exclusive economic zones.
Kassinis added that Cyprus is about to choose a natural gas supplier and a strategic partner for a planned liquefied gas terminal at Vasiliko. Last week, Noble Energy CEO Charles Davidson told energy news website "Fuelfix" that liquefied natural gas was the best way to export natural gas from Leviathan.
Published by Globes [online], Israel business news - w