Huge Natural Gas Fields In The Eastern Mediterranean are Set To Transform Cyprus Into European Energy Hub
By David Kashi
Cyprus plans to become a regional hub in the Eastern Mediterranean Sea for the export of liquefied natural gas as the small island and its neighbors sit on huge offshore reserves, Cypriot officials say.
The nation’s aspirations are driven by recent discoveries in the Levant Basin, a stretch of sea that extends from the coasts of Israel, Lebanon and Syria and is estimated to contain 122 trillion cubic feet of gas. 1 trillion cubic feet of natural gas is enough to meet the needs of 5 million households for 15 years, according to the American Gas Association.
Texas-based Noble Energy Inc. (NYSE:NBL) is the most active driller in the area and has already found large fields off Israel and Cyprus. Its Israeli discovery was the largest natural gas find in the last 10 years.
The driller is expected to provide Cyprus with its appraisal of the Aphrodite field by October.
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