12/11/2011

Cyprus OKs Noble switch of some gas rights to Delek


Πηγή: Reuters
Dec 11 2011

Cyprus has given Noble Energy permission to transfer 30 percent of the U.S.-based company's rights on the Block 12 natural gas field to Israel's Delek Group (DELKG.TA>, a Delek subsidiary said on Sunday.

In a statement to the Tel Aviv Stock Exchange, Delek Drilling LP said it would receive 15 percent of the rights with another Delek Group subsidiary, Avner Oil and Gas , taking the other 15 percent.

Noble Energy holds a concession on Block 12, close to Israel's Leviathan field. The rights transfer is seen as encouraging co-operation between Cyprus and Israel in drilling in Block 12.

The statement said the Cypriot government informed the company that under the production-sharing contract, Noble is to remain the sole operator of the concession and that its obligations towards Cyprus remain unchanged.

Ethnically-split Cyprus has defied warnings from northern neighbour Turkey not to explore for hydrocarbons. The two states have been at loggerheads since Turkey invaded Cyprus's northern third in 1974 after a brief, Greek-inspired coup.

Turkey supports a breakaway Turkish Cypriot state in northern Cyprus, and says hydrocarbons belong to both Greek and Turkish Cypriot communities of the island.


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