CNOOC Eyeing Cyprus’ Offshore Gas

CNOOC Eyeing Cyprus' Offshore Gas

CNOOC, a Chinese state controlled oil and gas exploration & production company, has shown interest in Cyprus’ hydrocarbons reserves.

According to a Cyprus’ newspaper Politis (a Greek word for Citizen), the Chinese oil giant on Friday (March 2) submitted a proposal to explore for natural gas in Block 12, offshore Cyprus.

Politis further reports that CNOOC’s delegation expressed strong desire to be involved directly and substantially in the development and commercialization of natural gas from Block 12.

Block 12 is located approximately 24 kilometers west of Israel’s Leviathan gas field. Noble Energy, which owns 70% in the block, in December said that the block held a gross mean average of 7 trillion cubic feet (TCF) of natural gas.

Offshore Energy Today Staff, March 5, 2012