Cyprus to have clear oil/gas assessment in 2012

Cyprus should have estimates of its offshore hydrocarbon wealth by March 2012 and any future energy supply contracts will take into account the probability the island has such assets, officials said on Wednesday.
Cyprus aims to diversify away from oil to natural gas for its energy needs, but the discovery of hydrocarbons in part of its territorial waters could affect plans for a 20 year supply contract with a foreign player.
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Source: Reuters