Cyprus & World News

Noble says Cyprus natural gas could help ties with neighbours

06 May, 2012

Noble Energy believes that natural gas deposits in Cyprus’ exclusive economic zone could help develop good relations with its neighbours, pointing out that these deposits far exceed Cyprus’ needs and can be exported.
Speaking at the Cyprus-US Commerce Chamber’s Annual Awards where Noble’s Chairman and CEO were awarded the 2012 Distinguished Merit Award, chief executive Charles Davidson said Noble has discovered 35 trillion cubic metres of natural gas in the Eastern Mediterranean, in the Cyprus and Israeli EEZ.
These opportunities, Davidson said, exist and the company in co-operation with the government of Cyprus is working on a comprehensive plan, which will guarantee not only the transfer of gas to Cyprus, as soon as possible, to cover its needs but also the creation of the necessary infrastructure that will allow gas exports.
Cyprus will gain great economic benefits, he stressed, since the world market of liquefied natural gas is strong and will remain so, given the great demand all over the world.
Cyprus-US Chamber President Vassos Vassiliou said the discovery has raised Cyprus’ profile and prospects for a better future, creating at the same time prospects of a solution to the Cyprus issue.
Texas-based Noble Energy discovered from exploratory drilling a natural gas reservoir of about 7 trillion cubic feet (tcf).
Cyprus has also launched a second licensing round for the 12 remaining blocks of its EEZ.
Meanwhile, Commerce, Industry and Tourism Minister Neoklis Sylikiotis told the EU-China high level meeting on energy in Brussels that major efforts should be made to modernise and expand Europe’s energy infrastructure to ensure that none of the EU member states will be excluded from gas and electricity networks.
Sylikiotis also announced a Cabinet decision to establish a national hydrocarbon company responsible for Cyprus’ activities related to exploration and exploitation of energy resources.
The Minister also said the Cabinet approved new projects to fund the installation of renewable energy sources.
New projects in the areas of photovoltaic and biomass energy will bring the country closer to the target of 13% in the production of the island's energy needs through renewable energy sources by 2020.
The government's new projects will fund the installation of small photovoltaic parks used for households and commercial purposes as well as of big photovoltaic parks.