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On December 28th, President Christofias said that Noble Energy International has confirmed 5-8 trillion cubic feet (tcf) of natural gas in Block 12 of Cyprus' Exclusive Economic Zone (EEZ) in a discovery that has put Cyprus on the EU's energy map.

Christofias said, Turkey is asked to respect the International Law of the Sea, said Christofias in a public announcement made at the same time as Noble Energy's. The Turkish-Cypriot community will benefit from the discovery of hydrocarbons, which is a historic event.

The president said,the government is satisfied with the cooperation with Noble Energy, and it will continue.

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

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.

Charles D. Davidson, Noble Energy's Chairman and CEO, said, "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, 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."

According to previous statements by Noble Energy, Block 12 (Aphrodite) in Cyprus' Exclusive Economic Zone has a 60 percent probability of geologic success and an estimated capacity of three to nine trillion cubic feet of natural gas.

Drilling started on the offshore prospect that neighbours Israel’s Leviathan prospect at the end of September. Many companies expressed interest in the government's second round of bidding for offshore drilling rights, including Russia, France, Great Britain and the USA.
 
Some of them have increased their naval presence in the Eastern Mediterranean, with frigates and submarines, after Turkey had made several veiled threats over the issue, saying it will take 'appropriate action' if Cyprus goes ahead and allows offshore hydrocarbon exploration by foreign companies.
 
The USA, Great Britain, Russia, France and other countries issued statements backing Cyprus' sovereign right to explore for undersea oil and gas in its territorial waters.

Earlier this week, Christofias said that the indications are very positive, triggering speculation that the reserves may be bigger than previously estimated.

The discovery is good news for Cyprus’s struggling economy as just one tcf can cover Cyprus's needs for natural gas for 30 years.

There is also the prospect of 3.7 billion barrels of deep sea oil in Block 12, according to Noble Energy officials.

If exploited, the field could make Cyprus self-sufficient in energy for decades, or allow sizeable exports to Europe.

The gas field is located 115 miles south of the island.

President Christofias said,"The discovery of natural gas in the exclusive economic zone of our country opens great potential for Cyprus and its people, which with prudence and in a spirit of collectiveness we will utilise in the service of public interest".

Related Articles:

Cyprus President expecting positive results from exploration

Cyprus President Christofias says efforts to locate hydrocarbons off the coast of Cyprus are going well

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