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Drill for Offshore Gas Set for Early 2012

noble energy cyprusEnergy company Noble Energy is set to start drilling for offshore gas in Block 12 by early 2012, said Commerce Minister Antonis Paschalides.

During a press conference held after a meeting with Noble Energy, Paschalides said that there is a 'great chance' that drilling will start this year, but for reasons out of the government's control, it is more likely that it will start in early 2012.

There may be delays "perhaps for reasons related to the EU and for some licenses that we need," said Paschalides.

Noble Energy has an exploratory license for Block 12, which lies in Cyprus' exclusive economic zone and could contain 10 trillion cubic feet of natural gas.

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