Israel's Delek, Anver to Explore for Oil, Gas Offshore Cyprus

Israeli firms Delek Drilling and Avner Oil and Gas Exploration inked a deal to acquire a 30 percent stake in exploration rights for gas and oil off the southern shore of Cyprus, various media reports has suggested. Noble Energy would be undertaking the drilling operations.

Cyprus recently signed an agreement with Total to explore for oil and gas in two blocks off its southern shore. 

Noble Energy, Inc was the first to drill when awarded Block 12, after Cyprus launched its search for an underwater gas field in 2007. In December 2011, Noble announced it had discovered natural gas reserves of up to 8 trillion cubic feet (226.5 billion cubic meters), at an estimated value of 100 billion euros, Israelnationalnews.com said.

Cypriot analysts estimated the field could satisfy domestic needs “for decades” and enable the country to become a regional player with the export of gas to Europe by 2019, the website said.