Cyprus Sets End 2018 Date for Verdict on Gas Prospects - NAHARNET / AFP

30.10.2017

Cyprus will know by the end of 2018 if it has exploitable offshore gas reserves after several more test drills are carried out, the island's Energy Minister George Lakkotrypis said Monday.

"Over the next 12 months, we expect to have either four or five drills, which will be extremely important going forward," Lakkotrypis told a parliamentary committee.

"At the end of 2018, we will now know the hydrocarbon resources we have in order to be able to make decisions on our gas exploitation strategy," he added.

Two Israeli natural gas fields to start pumping in 2020 - TIMES OF ISRAEL / AFP

Part of a platform being taken from the coast of Israel toward
the Tamar gas field (courtesy Noble Energy)

August 8, 2017, 5:11 pm

Energy minister says development of Karish and Tanin deposits will lead to increased competition, lower gas prices

The Energy Ministry officially presented its plan Tuesday for developing the Karish and Tanin natural gas fields, which sit alongside the larger Tamar and Leviathan deposits in Israel’s economic waters in the Mediterranean.

The development plan “shows [Israel’s ability] to keep to the schedule” of development,” Energy Minister Yuval Steinitz said in a statement. Once the new fields are operational, “competition will increase and prices… will fall.”

The plan calls for Karish, or “shark,” to be developed first, followed by Tanin, or “crocodile,” if there is sufficient demand in the Israeli market.

Israel approves sale of offshore gas rights to Greek firm - TIMES OF ISRAEL

December 6, 2016, 10:37 pm
BY AFP, Times of Israel staff contributed to this report

Noble Energy and Delek’s $150 million deal with Energean aims to resolve anti-trust issues
Israel gave the green light on Tuesday for the sale of two gas fields in the eastern Mediterranean to the Greek firm Energean, Energy Minister Yuval Steinitz announced.

The two fields, named Karish and Tanin and estimated to hold 60 billion cubic meters (2.1 billion cubic feet) of gas, had initially been allocated to a consortium grouping US firm Noble Energy and the Israeli group Delek, which already control two much larger fields.

“We have decided to put an end to this monopoly situation,” Steinitz told public radio, explaining the consortium’s sale of exploitation rights in the two fields to Energean for $150 million (NIS 570 million).

Israel mulling twin gas pipelines to Turkey, Greece - TIMES OF ISRAEL

Energy Minister Yuval Steinitz attends a Likud faction meeting
at the Knesset on July 27, 2015. (Yonatan Sindel/Flash90)

BY AFP February 7, 2016
Energy minister says export project could come to fruition ‘if things improve’ with Ankara amid ongoing feud

Israel is looking to exploit its substantial natural gas reserves with two potential pipeline projects to Turkey and Greece, its Energy Minister Yuval Steinitz announced Sunday.

“If things improve with Turkey… gas could both be sold to Turkey, and to Greece via Turkey,” Steinitz told Kathimerini daily.

Israel and Turkey have reportedly been working on a rapprochement after falling out over the storming by Israeli commandos in 2010 of a Turkish flotilla to Gaza.