Noble may build natural gas terminal in Cyprus

 

NOBLE Energy is considering building a natural gas terminal for the domestic market and for exports from Cyprus, Noble’s vice president Terry Gerhart said today.

After this morning’s meeting with the President Demetris Christofias, Gerhart said: “We updated him on our progress with the well… As everyone is aware we drilled a successful well and made an announcement at the end of the year.”

He added: “Somewhere between 5 and 8 trillion cubic feet of gas were found and we look forward to progressing it and bringing it to reality for the Cypriot market. it is going to take quite a bit of time to analyze all of the data that we have. We are in the process of doing that now.”

Asked about a pipeline ashore and processing plant, Gerhart said: “We are looking at that, a pipeline from the offshore facility and then to provide gas for the domestic market as well as a potential for an export project an LNG export project.”

Asked about Noble’s next steps, he said there is around 100 square km of seabed to analyse and that more appraisal wells are needed.

Noble may also join the next round of gas exploration licensing: “At this point we are analyzing the data which is out there. We haven’t made a commitment yet but we are looking at the date and if we see something that looks encouraging we would certainly look forward to participating.” 

“It is a world class, very large, a large accumulation of gas”, he concluded.

Noble last year discovered 310 feet of net natural gas pay. The drilling reached a depth of 19,225 feet in water depth of about 5,540 feet. 

 

 

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