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President Christofias announces discovery of vast reserves of natural gas
2011-12-28 09:14:38

In a televised address conducted earlier today, President Christofias announced that the results of American company Noble Energy`s exploratory drilling in Cyprus` block 12 are positive, describing the discovery of hydrocarbons as historic for the island.

The President stated that Noble Energy discovered 310 feet of net natural gas pay, adding that the drilling reached a depth of 19,225 feet in water depth of about 5,540 feet.

He also added that "the initial data that emerged from the exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf."

Meanwhile, Charles D. Davidson, Noble Energy`s Chairman and CEO, stated that the company is "excited to announce the discovery of significant natural gas resources in Cyprus on Block 12", adding that "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."

Mr. Davidson also thanked the Government of the Republic of Cyprus Cyprus for "its productive cooperation and support in achieving an important outcome for the people of Cyprus and Noble Energy", noting that the company is looking forward to working closely with the Government of Cyprus to develop this discovery in a manner that maximizes value for all stakeholders."

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