Cyprus, Lebanon to Talk Oil, Gas Cooperation

Cyprus President Demetris Christofias will pay an official visit to Lebanon this week to discuss the prospects of cooperation in the exploitation of offshore oil and gas.

Christofias will hold talks with President Michel Sleiman “to review economic issues and growth prospects that are opening up in the region in relation to the discovery of large reserves of hydrocarbons,” The Daily Star Lebanon quoted citing an official announcement.

Exploratory drilling conducted by Houston-based Noble Energy in Block 12 of Cyprus’s EEZ indicates a gross natural gas reserve of up to 254.9 billion cubic meters (9 trillion cubic feet).

Turkey has protested against the Cyprus government’s offshore energy bid, branding it illegal and retaliating by beginning its own exploratory drilling off the breakaway north of the island.

Ankara has warned that companies involved in the Cyprus process could be shut out of Turkey’s energy investment.