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Economy

xchrom

(108,903 posts)

22. CYPRUS TO ASK FOR NEW GAS SUPPLY BIDS

Reply to Tansy_Gold (Original post)

Fri Dec 6, 2013, 09:12 AM

Dec 2013

http://bigstory.ap.org/article/cyprus-ask-new-gas-supply-bids

NICOSIA, Cyprus (AP) — Cyprus says it will launch a new round of bids to supply the bailed-out country with natural gas to meet domestic needs until it can tap its own offshore reserves.

Energy Minister Yiorgos Lakkotrypis said Friday it will be a seven-year contract with the option of extending it by three more. An earlier round yielded no deal.

U.S. firm Noble Energy in October expressed interest in pumping gas to Cyprus from a field off the country's south coast, but the project will take time. Noble and its Israeli partners Delek and Avner are looking to develop the field, estimated to hold 3.6 trillion to 6 trillion cubic feet of gas.

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