Noble Energy Needs More Communication from Govt
The meeting held yesterday was an excellent opportunity to get clarification on contractual issues and avoid any surprises, added Stover.
He did not confirm the exact date that Noble Energy will start drilling for offshore hydrocarbons in the offshore Block 12. But he said that the meeting with Paschalides had helped to achieve a genuine partnership between the company and the Cyprus government which would help to complete the contractual and permits procedures leading to the start of drilling.
Stover said that the recent unrest in the Middle East has not affected the company's plans to drill for offshore hydrocarbons and that things were going ahead as expected.
Earlier this year, 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.