He said there is significant oil potential in the Levant basin.

Addressing the Eastern Mediterranean Gas Conference in Nicosia, Tomich referred to the need for more exploration activity to take place, for the area’sfull potential to emerge.

"There is still much exploration to be done, before the full potential of the Eastern Mediterranean is known, but we are off to a very good start with the major gas discoveries that have been made offshore Israel and Cyprus," Noble Energy’s official said.

Meanwhile, Cyprus should explore the notion of developing a petrochemical industry in parallel to natural gas regional exports, experts told a national gas conference in Nicosia.

Symeon Kassianides, CEO of Hyperion Systems Engineering group said such an industry could potentially lead to foreign investments amounting to €4,0 billion and in the creation of 3.000 jobs in the period of construction.

Source: Famagusta Gazette