Reuters: Market News: Russia's Novatek eyes Cyprus offshore gas

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Russia's Novatek eyes Cyprus offshore gas Apr 6th 2012, 10:11 MOSCOW, April 6 | Fri Apr 6, 2012 6:11am EDT MOSCOW, April 6 (Reuters) - Russia's top non-state gas producer Novatek is interested in bidding for licences to explore Cypriot offshore gas deposits, a company spokesman said on Friday. Cyprus reported its first natural gas find in December, when U.S. based Noble Energy said it had discovered an estimated 5-8 trillion cubic feet in a block south of the island. The block lies close to where neighbouring Israel has reported significant discoveries in the past two years. "Yes, were are looking for possibilities to invest into projects, connected to our core business," the spokesman said without elaborating when asked to confirm media reports that Novatek may take part in a licensing round in Cyprus. Novatek is pursuing an aggressive production policy, aiming to more than double its gas output by 2020 from more than 50 billion cubic metres currently. Novatek's only foreign exploration project in Egypt has so far yielded no valid results.

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