Babur Han
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Israel firms invest in US energy search off Greek Cyprus
NICOSIA Agence France-Presse
Cyprus Commerce, Industry and Tourism Minister Neoclis Sylikiotis (L), John Tomich (C) Country manager Noble Energy and Gideon Tadmor (R) President and Chief Executive Delek Energy seen during the signing ceremony in Nicosia, Cyprus, 11 February 2013, in which Israel Delek companies assumed a 30 per cent stake in rights to a Cypriot offshore area where U.S. based Noble Energy discovered natural gas. EPA photo
Commerce Minister Neoclis Sylikiotis told reporters that the signing provided a "new era of Cyprus-Israeli strategic cooperation which includes economic and political dimensions".
Noble Energy Inc was the first to drill when awarded Block 12 after Greek Cyprus launched its energy search in 2007. In December 2011, Noble said it had discovered gas reserves of up to 8 trillion cubic feet (226.5 billion cubic metres), with an estimated value of 100 billion euros.
This would satisfy domestic needs for decades and could enable Greek Cyprus to become a regional player by exporting gas to Europe from 2019.
ENERGY - Israel firms invest in US energy search off Greek Cyprus