Cyprus to continue oil search despite Turkey

Cyprus said it would press on with offshore oil exploration, despite strong objections from Turkey, and would open new fields for hydrocarbon research by early next year.
Industry Minister Antonis Paschalides told Reuters in an interview that Turkey's decision to send warships to the area last year had not deterred investors eager to search for oil and gas in the eastern Mediterranean.
The first exploration deal was clinched with U.S. company Noble Energy, which has already found a large gas reservoir off nearby Israel.
"The first round has been completed," he said. "We expect that around the end of this year, the beginning of next, we can proceed with the second licensing round."

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