Albawaba: Will the British Gas Deal in Cyprus Mean a Lucky Break for Lebanon?

The latest headlines out of Cyprus are a welcome boost for all East Mediterranean countries hoping to become oil and gas producers, but the only thing making the front page in Lebanon is the paralysis of its political system.

US-based Noble Energy, which has played a key role in helping to cultivate a hydrocarbon industry in Cyprus, Monday announced that British Gas Group had agreed to join a consortium to develop one of the most promising areas of the island nation’s offshore Exclusive Economic Zone. According to published reports, BG will pay $165 million for 35 percent of Block 12 – which includes the much-anticipated Aphrodite field, believed to contain 4-8 trillion cubic feet of gas – with Noble retaining the same share and Israel’s Delek Group holding the remaining 30 percent.

That’s a sizeable investment for this part of the world, but it’s the context that makes this deal so significant on so many levels.

Read the full article HERE.