Israeli firm gains rights to Cypriot gas field
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Israeli firm gains rights to Cypriot gas field

Noble Energy cedes 30% to Israel's Delek company

The logo of Delek Group, one of Israel's largest companies (photo credit: Wikimedia Commons)
The logo of Delek Group, one of Israel's largest companies (photo credit: Wikimedia Commons)

NICOSIA, Cyprus (AP) — A US firm has ceded 30 percent of its rights to a gas field off Cyprus’ south coast to Israel’s Delek and its subsidiary Avner Oil Exploration.

Cypriot Commerce Minister Neoklis Sylikiotis said Monday’s agreement came after the government approved it last week.

No sums were disclosed. The field holds an estimated 5-8 trillion cubic feet (140-230 billion cubic meters) of gas.

Noble and Delek together hold a majority stake in an Israeli offshore gas field that’s more than twice the size of the Cypriot one.

Sylikiotis said the deal paves the way for Cyprus and Israel to pool and export gas reserves after processing them at a facility in Cyprus.

Cyprus has also signed oil and gas exploration deals with France’s Total, Italy’s ENI and South Korea’s Kogas.

Copyright 2013 The Associated Press.

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