Cyprus Mail: Cyprus Waits for Noble-Delek Export Deal to Take Shape

Too many unknowns make it hard to predict how Cyprus’ gas plans are affected by the deal announced on Thursday between Israel and Noble-Delek for the development of the Leviathan field.

For one thing, the Israeli cabinet still has to ratify the deal on Sunday, and the country’s finance ministry has been pressing for more concessions from the gas companies. And even if that hurdle is overcome, the agreement must get the nod from the Knesset.

Assuming it all pans out, Noble and Delek will immediately get to work exploring the development of the massive Leviathan gas field. Under the deal announced by Prime Minister Benjamin Netanyahu, the Leviathan partners have committed to invest $1.5bn over the next two years.

But, as gas expert Charles Ellinas told the Cyprus Mail, in order for Noble to pour serious cash into the project they would first need to line up export markets, as Israel alone cannot absorb all of the Leviathan gas.

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