Summary Box: Cyprus opens oil, gas drilling area

AP News
Posted: Feb 13, 2012 1:54 PM
Summary Box: Cyprus opens oil, gas drilling area

HERE'S THE DRILL: Cyprus has launched a second licensing round for offshore exploratory drilling as hopes grow that potential oil and gas discoveries will buoy the eurozone country's sagging economy.

GROWING INTEREST? An initial licensing round in 2007 generated interest only from U.S. company Noble Energy. Officials predict more interest in the second round following Noble's discovery of an estimated 5-8 trillion cubic feet of natural gas.

TURKEY TENSION: Neighboring Turkey, which doesn't recognize Cyprus as a sovereign state, is watching developments. Cyprus was split into an internationally recognized Greek-speaking south and a breakaway Turkish-dominated north in 1974.