Greek Cyprus set to licence offshore oil, gas search

In a move that could stoke tensions with Turkey, Greek Cyprus said Tuesday that it will go ahead with a second licensing round for offshore oil and gas exploration later this year. Greek Cyprus has licensed US firm Noble Energy to explore an 800,000-acre block bordering Israeli waters where massive gas fields have been found under the seabed, including one thought to hold up to 16 trillion cubic feet of gas. There are currently no estimates on gas reserves inside the Greek Cypriot zone, as drilling has yet to begin.