Novatek Sets Sights on Cypriot Offshore Gas

Novatek Sets Sights on Cypriot Offshore Gas

Russia’s largest independent natural gas producer, OAO Novatek has set its sights on Cyprus’s offshore natural gas reserves, Reuters reports.

Cyprus, a small island nation in the eastern Mediterranean, has attracted interest of major energy companies, especially after the U.S. based Noble Energy announced a significant gas discovery at its Block 12, back in December. Chinese CNOOC is reportedly also interested.

“Yes, were are looking for possibilities to invest into projects, connected to our core business,” Reuters quoted Novatek’s spokesman as saying without providing any more details.

Reuters explains that Novatek is looking at Cypriot offshore gas assets because it aims to double its natural gas output, currently at 50 billion cf, by 2020.

Offshore Energy Today Staff, April 6, 2012

 

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