Kogas-Eni to Develop Cyprus Gas Field

The Korea Gas Corp. (Kogas), in partnership with Eni, will develop an offshore natural gas field near Cyprus, Korea IT Times ha reported. If the exploration project turns out successful, the Korean firm is expected to secure the supply of 60-million-ton natural gas.

The two firms have recently been selected as a preferred negotiating partner for exploring the No. 2 and 3 fields in the Levantine Basin. The estimated reserves in the fields are 147 million and 154 million tons, respectively. Kogas will hold a 20-percent stake in the development project, the news report said.

Once the project is up and running, it will be the second largest gas development project after the Mozambique project the company had recently discovered in the East African country.