ECONOMY

Energy deal boosts Cypriot gas plans

energy-deal-boosts-cypriot-gas-plans

A move by British oil and gas company BG Innternational to buy a stake in Cyprus’s offshore mineral deposits is an important step forward for the country’s plans to supply Egypt with natural gas, the East Mediterranean island’s energy minister said on Monday.

Giorgos Lakkotrypis said US company Noble Energy has cut a deal with BG International for a 35 percent stake in an area, or block, where a field estimated to contain more than 4 trillion cubic feet of gas has been found. He added the deal is a vote of confidence in the commercial prospects of Cyprus’s offshore gas deposits.

It also boosts the chances of developing the gas field since BG operates a gas processing plant in Idku, Egypt.

[AP]