Powered by WebAds

Friday, June 21, 2013

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: , , ,


At 6:22 PM, Blogger Will said...

Hmmm....Remember Turkey has repeatedly warned the Greek Cypriot government against unilateral moves to extract natural gas and oil reserves off Cyprus, saying that Turkish Cypriots also have a say on the reserves.
Can't wait to hear Erdo his reaction.

At 7:43 PM, Blogger Sunlight said...

Quite exciting... it's on the Forbes newsfeed, also... I had to go read again, because I was confused thinking Cyprus was a double country. But wiki says it is one EU country with 59% basically Greek and the Northern rest basically Turkish. So sure looks like another prospect for my KEYWORD: COUNTIES program. Anyway, it is Greek County that is ready to roll on the LNG plant? To be constructed with rocket/missile defense, etc. And isn't it funny that something made me switch my banner on Facebook to a photo I took in Greece a million years ago. ESP, obviously.. :)


Post a Comment

Links to this post:

Create a Link

<< Home