Delek Drilling interested in participating in Cyprus LNG plant

Delek Drilling Chairman and CEO for Avner Gydeon Tadmor and Delek Group head Yitzhak Tshuva were received Monday by President Nicos Anastasiades in the presence of Lakkotrypis.

According to reliable sources, the company wishes to participate in the terminal as it believes Cyprus will become an energy hub.

The Minister said that the percentage of the company’s participation will be discussed during the negotiations that will begin after the signing of a Memorandum of Understanding.

Lakkotrypis said that Delek’s participation in the terminal relates to natural gas reserves from Cyprus’ block 12. He said that discussions have also been held for other reserves, but he did not expand.

He noted that the company wishes to accelerate the process of developing the “Aphrodite” field in block 12 and to that direction it will present additional plans to the Government within two weeks.

Lakkotrypis underlined that the decision to build an LNG terminal is final and that Cyprus is now beginning discussions with its partners, adding that deadlines, although strict, are maintained.

On Friday, Noble began drilling at the A-2 appraisal well location in block 12, which will take 60 to 90 days.

In 2011 Noble announced that exploratory drilling in block 12`s A-1 well revealed an estimated resource of 5 trillion cubic feet (tcf) to 8 tcf, with a mean of 7 tcf.

Noble Energy operates Block 12 with a 70 percent working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent.