Cyprus’ Aphrodite Block 12 field contains between 5 trillion and 8 trillion cubic feet of natural gas, President Demetris Christofias announced today. Noble Energy said the find was ‘significant’.
He said the news was positive and would have advantageous implications for the economy. He also expressed the hope that the find would help the Cyprus peace talks. Christofias said it would also place Cyprus on Europe’s energy map.
“The discovery of natural gas offers us the prospect of great and lasting economic growth which will benefit both present and future generations,” Christofias said.
Earlier this year Noble cited seismic surveys pointing to three to nine trillion cubic feet of natural gas within Block 12, with a 60 per cent geologic probability of success.
Charles D Davidson, Noble Energy’s Chairman and CEO, said today: “We are excited to announce the discovery of significant natural gas resources in Cyprus on Block 12. This is the fifth consecutive natural gas field discovery for Noble Energy and our partners in the greater Levant basin. 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 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 Block 12 prospect is located 40 kilometres north of Israel’s Leviathan field, which holds an estimated 16 to 17 tcf of natural gas.
Cypriot drilling has angered Turkey, which says Cyprus has no authority to explore for hydrocarbons as long as the island’s division is not resolved.
Ankara had sent its own research vessels with a military escort to the region, and says it will carry out exploration of its own off the island’s southern coast unless Cyprus backs down.
