- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Natural gas find offshore Cyprus worth tens of billions

NOBLE Energy announced a natural gas discovery at the Cyprus Block 12 prospect, offshore the Republic of Cyprus in a press release issued on Wednesday.

The Cyprus A-1 well encountered approximately 310 feet of net natural gas pay in multiple high-quality Miocene sand intervals.

The discovery well was drilled to a depth of 19,225 feet in water depth of about 5,540 feet. Results from drilling, formation logs and initial evaluation work indicate an estimated gross resource range(1) of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf.

The Cyprus Block 12 field covers approximately 40 square miles and will require additional appraisal drilling prior to development.

“We are excited to announce the discovery of significant natural gas resources in Cyprus on Block 12,” Charles D. Davidson, Noble Energy’s Chairman and CEO, said. “This is the fifth consecutive natural gas field discovery for Noble Energy and our partners in the greater Levant basin, with total gross mean resources for the five discoveries currently estimated to be over 33 Tcf. This latest discovery in Cyprus further highlights the quality and significance of this world-class basin.”

Davidson went on to say, “We would like to thank the Government of Cyprus for their productive cooperation and support in achieving an important outcome for the people of Cyprus and Noble Energy. We look forward to working closely with the Government of Cyprus to develop this discovery in a manner that maximizes value for all stakeholders.”

Noble Energy operates the well with a 70 percent working interest. Delek Drilling and Avner Oil Exploration will each have 15 percent, subject to final approval by the Government of Cyprus.

The Commerce Minister, Praxoulla Antoniadou, said that the gas find is worth tens of billions and that it will satisfy the Island electricity production needs for 210 years and President Demetris Christofias called the find “historic”.

The minister went on to say that “Cyprus is in a position to strengthen the energy security of the EU as we are the only country in the region that belongs to the EU, and at a time when the EU seeks new sources of natural gas”.

 (1) Range of resource estimate based on 75th and 25th percentile probabilities.

About Nobel Energy

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production.  The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.  Further information is available at Noble Energy Inc.