NICOSIA, Cyprus (AP) — A land-based facility to process Cyprus' new offshore gas remains a top priority, but the search for additional sources of the fuel must move quickly to keep up with a rapidly shifting market, the country's energy minister said Thursday. The amount of gas inside Cyprus' single proven field off its south coast isn't enough to secure the billions of euros needed from investors to finance construction of the facility that authorities hope will turn the country into an alternative supplier of energy to Europe and beyond. New sources of fuel — like shale gas from the U.S. — could soon reach the market, lowering prices and complicating Cyprus' efforts to woo investors willing to back construction of the expensive facility that would liquefy the gas for easier export. The U.S. firm Noble Energy and its Israeli partners Delek and Avner are looking to develop Cyprus' proven field, which holds between 3.6 trillion to 6 trillion cubic feet of gas, while industry giants Eni of Italy, South Korean Kogas and France's Total are moving ahead with exploration plans of their own.
Reported by SeattlePI.com 4 hours ago.
↧