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Israeli firms take 30 pct stake in Cyprus natgas field
February 11, 2013 / 1:55 PM / 5 years ago

Israeli firms take 30 pct stake in Cyprus natgas field

NICOSIA, Feb 11 (Reuters) - Two Israeli firms have taken a 30 percent interest in a licence held by U.S. energy company Noble to drill for natural gas off Cyprus, the Cypriot energy ministry said on Monday.

Cyprus’s Commerce, Industry and Tourism Minister Neoclis Sylikiotis signed an agreement with Israeli firms Delek and Avner, both units of the Delek Group conglomerate.

No financial terms were disclosed.

Noble, which is already partners with the two firms in major discoveries off neighbouring Israel, reported a natural gas find in Cypriot waters averaging 7 trillion cubic feet (tcf) in late 2011. It is expected to carry out a second drill this year.

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