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CYPRUS NATURAL GAS DISCOVERY ESTIMATED AT BILLIONS

This latest discovery in Cyprus further highlights the quality and signifi cance of this world-class basin.” Davidson went on to say, “We would like to thank the Government of Cyprus for their productive coopera- tion 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 maxi- mises value for all stakeholders.” The gas fi nd, termed “historic” by Republic of Cyprus President Demetris Christofi as, could be as much as 8 trillion cubic feet. The gas is said to be in Block 12 of the Aphrodite Gas Field, and could be enough to power all electricity on the island for 210 years. The deep-water probe in Block 12 struck about 310 feet of natural gas pay, with gross resources estimated at between 5 trillion and 8 trillion cubic feet, with a mean fi gure of 7 Tcf, Noble advised in a recent state- ment the well encountered “multiple high-quality Miocene sand intervals”. Noble had a pre-drill resource estimate of 8 Tcf.

The country’s Commerce Minister, Praxoulla Antoniadou, was quoted as saying: “If you want an indication of the value of the gas, if you consider that 6,000 cubic feet is equal to one barrel of oil, then approximately 7 tcf is equivalent to one billion barrels, and to give an indicative value of these deposits based on the barrel analogy, the deposits in one of the 13 blocks are worth around 100 billion in value.” Geologists have said that pre-salt gas detected in Block 12, which is similar to that found at Leviathan and Tamar, is likely to stem from a new play of Miocene age. All indications are positive that in the sea of Cyprus there are more wells of gas and oil, securing the economic future and rapid development of Cyprus for many years to come.

CYPRUS ENERGY HUB TO CREATE 1,000 CONSTRUCTION JOBS

The construction of an international energy terminal costing over Ђ100 million is slated to begin within the next 60-days. The building of the terminal will be preceded by the construction of an anchorage off the coast near Vassiliko, to facilitate the unloading of equipment. According to the report, the offi cial said around 1,000 new jobs will be created during the construction period, which will last until 2014. Continuing, many international energy companies have already applied for the leasing of storage capacity, adding that the operation of the facility will add Ђ16billion to public assets on an annual basis. The fi rst phase of the terminal will have 345,000 cubic metres of storage for gasoline, gas oil, jet fuel and fuel oil. In addition to serving as a regional trading hub, the terminal will be able to supply the domestic market in Cyprus with truck access to a loading rack. The facility will be the most advanced oil storage facility in the Mediterranean. When all three phases are complete the asset will offer capacity of 900,000 mі across 43 tanks.

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