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Adnoc has expressed interest in Cyprus gas, minister states

United Arab Emirates energy giant Abu Dhabi National Oil Co. (Adnoc) has revealed interest in Cyprus' emerging natural gas sector, the country's energy minister informed Reuters on Monday.

Major gas discoveries and advancements off Egypt and Israel have actually brought in companies to offshore advancements in the eastern Mediterranean in the last few years, while state-owned Adnoc sees gas and melted gas (LNG) as a pillar for development.

Cypriot Energy Minister George Papanastasiou stated Adnoc had not made any formal request or proposition to the government, though it had actually expressed interest rather a number of times.

They revealed interest for the eastern Mediterranean, Papanastasiou said on the sidelines of an Abu Dhabi energy conference.

Their interest is mainly on de-risk assets (acquisitions). But at the same time they might consider entering a brand-new capacity licensing round in order to get into blocks, he said.

The minister did not say when Adnoc revealed interest.

Adnoc declined to comment.

Reuters reported in August, pointing out sources, that Adnoc and BP had actually met with Cypriot energy ministry officials to discuss financial investments in the country's natural gas sector.

Cyprus has provided several licences for offshore gas fields because 2007 and Papanastasiou stated first gas from blocks in the eastern Mediterranean might reach markets in 2027.

(source: Reuters)