Cyprus: Noble Energy Discovers Natural Gas Reserve



Noble Energy has discovered a vast natural gas reserve which exceeds the demands of both Greek Cyprus and Israel combined, Anatolia news agency reported yesterday.

Noble has been drilling to find natural gas deposits in the 12th block known as “Aphrodite” in the eastern Mediterranean, which Greek Cyprus has unilaterally declared an Exclusive Economic Zone (EEZ).

“The company has discovered 991 billion cubic meters of natural gas reserves, which exceeds the domestic needs of both Greek Cyprus and Israel,” announced Noble Energy Chief Executive Charles Davidson, according to the Greek Cypriot press.

“991 billion cubic meters of natural gas have been discovered in Cyprus and Israel’s EEZ. The amount of natural gas discovered exceeds the needs of their domestic markets, which themselves will not be able to absorb the quantities of natural gas that will be produced. Its commercial exploitation is thus necessary through exports to other countries. A great opportunity for natural gas transfer to Europe and Asia has opened up, but also an opportunity for better relations between Cyprus and its neighboring counties, which never existed before,” Davidson said last Friday at the Greek-American Chamber of Commerce’s Annual Award Dinner, according to InCyprus.com.cy.

“One cannot imagine a better field in the eastern Mediterranean,” he said, adding that natural gas exploration in a larger area in the east Mediterranean would continue.

Davidson received the “2012 Distinguished Merit Award” of the Cyprus–US Chamber of Commerce.
Greek Cypriot President Demetris Christofias sent a message to the event expressing his “appreciation to Noble for discovering gas fields in Cyprus’ EEZ.”

The gas find has “enormous political and geo-strategic importance both for European Union energy security and the promotion of peace and security in the Eastern Mediterranean,” he said.

Greek Cyprus also initiated a licensing tender for the remaining 12 blocks in the EEZ on February 14. The deadline to bid for the tender is May 11.

(source: Anatolia, capital)


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