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CYPRUS NATURAL GAS - OFFSHORE FIELD HOLDS ESTIMATED 5 TRILLION CUBIC FEET OF NATURAL GAS

A Cypriot offshore field holds between 3.6 trillion cubic feet (Tcf) and 6 Tcf of natural gas, US-based oil company Noble Energy said on Thursday 27th September 2013, announcing the results of an appraisal drill.

“Results from the Cyprus A-2 Natural Gas Well , have confirmed substantial recoverable natural gas resources and high reservoir deliverability,” said Keith Elliott, Noble Energy’s Senior Vice President, Eastern Mediterranean. “While the A-2 location has successfully defined the northern area of the discovery, we anticipate additional appraisalactivities are necessary to further refine the ultimate recoverable resources and optimize field development planning.”
Noble said evaluation of drilling data, wireline logs and reservoirperformance information has resulted in an updated estimate of gross resources of the field ranging from 3.6 trillion Tcf of natural gas to 6 Tcf, with a mean of approximately 5 Tcf.
Exploratory drilling carried in 2011 showed “an estimated gross resource range of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf.“
Noble Energy operates Block 12 offshore Cyprus with a 70 per cent working interest.  Delek Drilling and Avner Oil Exploration each have 15 percent working interest.
Although it will be a few years before the financial benefits will take effect , this is still very good news for Cyprus. 

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