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Israeli firms take 30pc stake in Cyprus natgas field
NICOSIA: Two Israeli firms have taken a 30 percent interest in a licence held by US energy company Noble to drill for
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NICOSIA: Two Israeli firms have taken a 30 percent interest in a licence held by US 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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