Cyprus to build LNG terminal for three Israeli oil companies
At its Vassiliko marina on its southern coast, the government of Cyprus has agreed to build a liquified natural gas terminal for Israel's Noble Energy, Delek and Avner
oil exploration companies (Hat Tip: Joshua I
The Cabinet approved a memorandum of understanding (MoU)
with Noble Energy International Ltd, Delek Drilling Limited Partnership
and Avner Oil Exploration Limited Partnership to build the LNG plant
near the Vassiliko energy hub on the island’s southern coast that will
process the output from offshore gasfields within the Cyprus exclusive
economic zone (EEZ), as well as from neighbouring Israeli and even
Lebanese gasfields for export.
Noble is currently conducting a second appraisal well within the
‘Aphrodite’ Block 12 on the south easternmost tip of the Cyprus EEZ,
adjacent to the Israeli EEZ where Noble, Delek and Avner are already in
the process of exporting natural gas output from the Leviathan field.
The U.S.-based exploration and energy exporter hopes to have a concrete
estimate of the size and value of Block 12 by early 2014. Initial
estimate suggest that the block may contain an average of 7 trillion
cubic feet of natural gas.
Energy, Trade and Tourism Minister Yiorgos Lakkotrypis said that the
agreement for the LNG plant will be signed by the end of this month.
Of course, there's almost no chance Lebanon will participate, at least so long as Hezbullah holds a veto in its government. But that's just fine....
Labels: Cyprus, natural gas, Noble Energy, oil and gas exploration