Cyprus encouraged by offshore oil and gas exploration results

May 17, 2006 02:00 AM

Preliminary exploration for offshore gas and oil reserves in the Mediterranean seabed between Cyprus and Egypt has yielded encouraging results, the Cypriot government said.
"The first data we have is positive and encouraging," Trade and Industry Minister George Lilikas told. "When we get new and secure data in the near future we will announce it."

Norwegian company PGS Geophysical has already completed a seismic survey of the area and is now processing the data, Lilikas said.
The exploration covered an area of some 60,000 sq km to the south and southwest of Cyprus. Lilikas said his hopes were heightened by the positive results of Egyptian explorations near the line that separates the two countries' exclusive economic zones.

Earlier this month, Egypt and Cyprus agreed to jointly seek and exploit possible oil and gas fields in the Mediterranean.
Lilikas said the government planned a more detailed survey in areas the initial survey found promising.

Source: DowJones Newswires
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