A CABINET decision has paved the way for speeding up the process to start drilling for hydrocarbons in Cyprus’ Exclusive Economic Zone (EEZ) before the end of the year, said Commerce Minister Antonis Paschalides yesterday.

Cabinet took the decision on Friday, authorising Paschalides to free Texas-based company Noble Energy from its obligation to hold a lengthy tender process for the supply of equipment to begin drilling for natural gas.

Noble has a concession to explore for hydrocarbons in an offshore field south-east of Cyprus. Bypassing the tender process allows Noble to make use of drilling equipment currently being utilised in Israel’s EEZ, which could be made available in August, opening the way for drilling to start in Cypriot waters as early as September.

Source: Cyprus Mail