ECONOMY

Nicosia and Noble discuss gas drilling at Aphrodite

Cyprus and US energy company Noble are discussing the potential exploitation of a gas field discovered in 2011, the island’s energy minister said on Wednesday.

Giorgos Lakkotrypis also said discussions had almost concluded with French company Total on modifying an existing exploration permit after initial results showed no tangible reserves in an area where it was licensed.

He said Cypriot authorities had started discussions with Noble over its plans to develop Aphrodite, a 4.54 trillion cubic feet gas reservoir.

“There are many steps which need to be taken, [but] it’s the start of a process toward exploitation of the reserve,” Lakkotrypis said.

[Reuters]