MINISTER of Commerce Neoklis Sylikiotis has said that the government is going to sign a series of agreements with Houston-based Noble as regards the supply of natural gas to Cyprus and the construction in of a terminal for liquefied gas in Cyprus for export purposes.

He also recalled that the Cabinet has taken a decision for the beginning of negotiations in order to reach an interim solution for the supply of natural gas for the local market before 2017.

Speaking during the general meeting of the Larnaka Chamber of Commerce and Industry Sylikiotis said that the government is developing a new energy strategy and focuses on the promotion of renewable energy sources and the exploitation of the hydrocarbon reserves found in its Exclusive Economic Zone (EEZ).

Commerce Minister also said that the government is promoting the use of solar, Aeolian and biomass energy. Referring particularly to Larnaka district, he said that a total of three aeolian parks and two biomass terminals are operating with a power of more than 60 megawatts.

Sylikiotis said that the main goals of the government in the field of trade, is to increase the exports of industrial and agricultural products and the exploitation of european and national funds.

He also referred to the support of Medium and Small enterprises and the expansion of tourism industry.

Houston-based Noble Energy started drilling on September 2011 and the initial data that emerged from the exploratory drilling and the evaluation checks carried out, indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf.

The government approved on November 23, 2011 the launch of a second licensing round for the remaining 12 offshore blocks in its EEZ. Fifteen companies and joint ventures, including energy heavyweights such as French Total and Korean KOGAS, have bided for nine out of Cyprus 12 offshore exploration blocks.   (KYPE)

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