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Cyprus and Egypt Sign Deal for Gas Transfer via Pipeline

israel-greece-cyprus_pipelineAccording to Reuters, on Wednesday in Cyprus the Cypriot Energy Minister, Yiorgios Lakkotrypis and Egyptian Petroleum Minister, Tarek El Molla signed a deal detailing the transferring of natural gas via pipeline from Cyprus to Egypt.
There is a total of 4.5 trillion cubic feet of natural gas off the shores of Cyprus, as reported by the US energy firm Nobel, who discovered the gas reserve in 2011.
So far there have been agreements made with Cyprus and Italy’s ENI and Korea’s KoGas to explore three offshore blocks, while the French company, Total, has been contracted for one block. More deals are still underway and are expected by the end of this year.

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