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Article by: emmanuel@seekinternationalproperty.net (Emmanuel Adeyanju) Published: 16/05/2012

"Cyprus and Israel should join forces"

Cypriot Energy Service director Solon Kassinis raises the possibility that Israel could protect the Block 12 concession, near Leviathan.

13 September 11 19:01, Amiram Barkat

This year, Cyprus will become the hottest oil and gas exploration target in the Mediterranean, with the start of drilling of an exploratory well by Noble Energy Inc. (NYSE: NBL) in its Block 12 offshore concession, later this month.

The well aims to verify that Block 12's preliminary natural gas estimated resources hold about 10 TCF, slightly more than the Tamar discovery. Block 12 is just one of 12 concessions in Cyprus's maritime exclusive economic zone (EEZ). When the results of the drilling are known, Cyprus plans to publish tenders for exploration rights for the other blocks.

In an interview with "Globes", Cypriot Energy Service director Solon Kassinis discussed Cyprus's natural gas potential and possible joint ventures with Israel. Officially, Kassinis's authority corresponds with that of Petroleum Supervisor Dr. Michael Gardosh.

"Globes": What is the oil and gas potential in the areas you are planning tenders for?

Kassinis: "We intend to publish tenders for licenses for 12 blocks and an additional area within Block 12 that covering 25% of its area. The total area is 45,000 square kilometers, partly in the Levant Basin, which we share with Israel, and part in the Nile Delta Basin, which we share with Egypt.

 

External Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=382

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=382

Please contact the author at emmanuel@seekinternationalproperty.net for more information.