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Saturday, May 30, 2009

US firm gets the nod to start oil and gas exploration off the coast of southern Cyprus

The Republic of Cyprus has authorized "Noble Energy", a United States firm, to start searching for oil and gas deposits off the Cypriot coast. Director of the Energy Department of the Ministry of Commerce, Industry and Tourism Solon Kassinis said the government granted a license to the Houston, Texas-based company last year to explore one of 11 blocks inside the island's exclusive economic zone. The block is close to a large undersea gas deposit that Noble located off Israel, which according to the company's Web site is estimated at 5 trillion cubic feet. Mr. Kassinis said the discovery raises optimism about gas potential inside Cyprus' zone that covers 51,000 square kilometers of seabed.

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