Israel, Cyprus ink Mediterranean energy deal – World Tribune: Window on the Real World

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NICOSIA — Israel and the Republic of Cyprus have reached a deal for
joint energy exploration of the Mediterranean Sea.

The US Geological Survey last year estimated there were around 1.7 billion barrels of recoverable oil and around 122 trillion cubic feet of recoverable gas in Cyprus' Levant Basin Province. — The U.S. Geological Survey estimated there were around 1.7 billion barrels of recoverable oil and around 122 trillion cubic feet of recoverable gas in Cyprus’ Levant Basin Province.

Two Israeli companies have signed an agreement to explore for crude oil and natural gas off the coast of the Republic of Cyprus.

Under the agreement on Feb. 11, Avner Oil and Gas Exploration and Delek Drilling would acquire a 30 percent stake in the exploration project off the southern coast of the Mediterranean island state.

“This marks a new era of Cyprus-Israeli strategic cooperation which
includes economic and political dimensions,” Greek Cypriot Commerce Minister Neoclis Sylikiotis said.

The exploration project has been led by prime contractor Noble Energy, a U.S. company which was also developing energy reserves off the Israeli coast.

In 2007, Noble was awarded Block 12, which launched Nicosia’s search for offshore energy in an effort threatened by neighboring Turkey.

Avner Oil and Gas Exploration, Cyprus ink Mediterranean energy deal, Delek Drilling, Israel, Noble Energy

Israel, Cyprus ink Mediterranean energy deal added by World Tribune on February 12, 2013
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