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Chinese Energy Company Interested in Cyprus' Offshore Natural Gas Field

A Chinese state-owned oil and gas company is among several firms showing interest in investing in Cyprus’ offshore natural gas field, the island’s interior minister said Sunday.
Neoklis Sylikiotis didn’t elaborate on what kind of investment CNOOC is looking to make. But Politis newspaper said the firm is looking to be a major player in building the infrastructure that would bring the gas to shore and process it for export and to possibly secure quantities of gas to feed China’s growing energy demand.
In December, U.S. firm Noble Energy announced the discovery of an estimated 5-8 trillion cubic feet (140-230 billion cubic meters) of gas inside one of 13 blocks that together make up the island’s 19,700-square-mile (51,000-square-kilometre) exclusive economic zone off its southern coast.
The Cypriot field sits close to a huge Israeli gas find and the two countries are currently in talks on ways of jointly exploiting the mineral wealth.
And last month, Cyprus launched a second licensing round for more offshore exploratory drilling.
“It’s significant that after Noble confirmed its findings in Bloc 12, interest in the other blocs is growing,” Sylikiotis said.
(source: AP)

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