Popular Bank gets support from State

The House of Representatives late last night approved legislation providing for state support to the island’s second largest lender. The item was passed with 43 votes for, none against, and three abstentions.

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Popular Bank seeking state aid

THE Popular Bank said yesterday it was in talks with the finance ministry and the Central Bank about state guarantees to raise fresh capital after being battered by the Greek debt write-down.

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15 firms to bid for gas drilling rights off Cyprus

Major oil and gas companies such as Russia’s Novatec, Italy’s ENI, France’s Total, and Malaysia’s Petronas are among 15 firms and consortiums that are seeking to carry out exploratory drilling for gas deposits off southern Cyprus, the island’s commerce minister said Friday, despite Turkey’s strong objections.

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NOBLE ENERGY is expected to publish the preliminary results from its exploratory well at Block 12 in Cyprus’ Exclusive Economic Zone by Friday, according to Israeli business website Globes yesterday.

Noble Energy started drilling inside the island’s exclusive economic zone, close to Israeli waters in September. The government commissioned Noble Energy for the project, which has been operating in the area off Israel’s coast since 1998.

Noble Energy found giant gas fields in Israel and hopes to replicate that in Cyprus, Cyprus Country Manager of Noble Energy John Tomich said last month during a lecture entitled “Noble’s Energy Project in Cyprus” at the University of Cyprus (UCY).

“We were lucky enough to be very successful finding giant gas fields in Israel and we hope to replicate that in Cyprus”, he noted.

Yesterday, Globes quoted market sources saying the reservoir has at least eight trillion cubic feet (TCF) of natural gas, making it larger than the Israeli Tamar field, which Noble also has a concession for.

Erato Kozakou-Marcoullis met with Secretary of State Hillary Rodham Clinton on Tuesday, where the U.S. confirmed support the exploratory drilling.

Marcoullis said she believes the prospects for gas development already have increased dramatically her country’s strategic importance.

In a seperate development, the government has denied reports in Turkish and Turkish Cypriot media that President Christofias had proposed piping natural gas deposits to Europe through pipes in Turkey.

President Christofias gave an one-word answer when asked to comment on the reports: "Nonsense".