"The Cyprus Mail" reports that executives from Noble Energy Inc. (NYSE: NBL) will visit Cyprus this week to outline the company's plan to extract natural gas in Cypriot offshore licenses. The company has a concession to prospect for hydrocarbons in Cypriot waters close to the Israel’s Leviathan field.
Noble Energy has an exploratory license for Block 12, which could include 10 trillion cubic feet of natural gas. Cypriot Commerce Ministry Energy Service director Solon Kassinin said, "They will tell us how soon they expect to drill, whether they will build a pipeline, etc."
Noble Energy's presentation would then be considered by the Natural Gas Public Company, which will make a recommendation to the president. The Cypriot government may launch a third round of licensing for hydrocarbon exploration but the final decision rests with the president.
Noble Energy received an exploratory license to Block 12 in October 2008, which is located in Cyprus's maritime exclusive economic zone. The block borders Leviathan, in Israel's exclusive economic zone, and may be part of the same geologic structure in the Levant Basin.
Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2011
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