Thursday, December 29, 2011
Huge Natural Gas Find for Noble in Cyprus. Turkey Threatens to Block Development. Isreal and Cyprus to Become Energy Powerhouses.
The Wall Street Journal has reported that the find amounts to 30 years of natural gas use for Cyprus, and that it is attached to the 16 trillion cubic feet of gas located in Israel's Leviathan Field. The discovery was made by America's Noble Energy (NYSE: NBL), and it is sure to be a huge boon for the economy in the region.
Ethnic tensions in the region, however, are sure to ignite as the Turkish north and Greek south of the island nation will dispute over new found riches. Turkey does not recognize the independence of Cyprus and it has dispatched a naval escorted research vessel to conduct further tests in the region.
Cyprus' new natural gas find, currently known as "Cyprus Block 12," will help to make the country a net energy exporter to its European Union neighbours, and probably support the Greek-Cypriot south in its continued efforts for independence.