Cyprus mulls buying Israeli gas
Bailed-out country holding talks with Jewish state in bid to reduce energy costs until it can use its own offshore deposits
Cyprus' government is considering buying Israeli gas to reduce energy costs until the bailed-out country can use its own offshore deposits.
Natural Gas
Drill, which will reach depth of 5,300 meters below sea level, will cost $122 million and last about four months
Cypriot Energy Minister Yiorgos Lakkotrypis says talks are ongoing with Israel to determine if the project is feasible. He said Wednesday the gas would likely come from Israel's offshore Tamar field.
Lakkotrypis said any gas from Tamar would likely be imported during night hours,
when Israel's own demand for gas from the field is lowest.
On Tuesday, US firm Noble Energy said it's looking at possibly piping Cyprus' offshore gas by mid-2016.
Cyprus also aims to build a gas processing facility by around 2020 to export any excess supply.
