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Press Release - President Christofias and Noble Energy Chairman announce significant gas finds offshore Cyprus
2011-12-29 12:38:10



Thursday, December 29, 2011

The President of Cyprus and Noble Energy Inc. Announce Significant Offshore Natural Gas Finds

The President of the Republic of Cyprus, Mr. Demetris Christofias, announced yesterday the discovery of significant amounts of natural gas reserves at the Block 12 prospect in the Exclusive Economic Zone of the Republic of Cyprus, hailing this as a landmark development of historic significance for Cyprus and its people.

President Christofias stated that the initial data from the exploratory drilling conducted by Houston based company Noble Εnergy and associated evaluation tests show the existence of natural gas reserves at an estimated volume of 5 to 8 trillion cubic feet, with an average of 7 trillion cubic feet. The specific field of hydrocarbons is estimated to extend in an area that covers 40 square miles.

The Chairman and CEO of Noble Energy, Mr. Charles D. Davidson, also expressed his satisfaction with this significant discovery and revealed that the well encountered approximately 310 feet of net natural gas pay in multiple high quality Miocene sand intervals. He pointed out that this latest discovery in Cyprus highlights the quality and significance of the world class Levant basin.

The President, as well as Mr. Davidson, noted that in accordance with customary procedure, it will be necessary to undertake one more drilling for a final evaluation before proceeding with the exploitation of the reserves.

Expressing his satisfaction for the productive co-operation between Cyprus and Noble Energy, the President stated that it creates great prospects for Cyprus and its people, paving the path for long-term economic development from which both the present and future generations of Cypriots will benefit. He pledged that this valuable natural resource will be exploited with prudence and for the public interest.

President Christofias underlined the geostrategic and political significance of this discovery, both for the energy and security of the European Union and for promoting peace and co-operation in the region. He reiterated that the exploitation of hydrocarbons can become an added incentive to find a solution to the Cyprus problem which will put an end to the illegal occupation and reunify Cyprus and its people. He stressed that the reunification of the island as a federation will allow all of the people of Cyprus to benefit from the discovery of these significant hydrocarbon reserves.

The President called on Turkey to contribute in a tangible way towards this end and to refrain from any adventurous actions or provocations that could increase tension in the Eastern Mediterranean, while also stressing the need for Turkey to respect the Law of the Sea and UN resolutions on Cyprus.

President Christofias confirmed that the government is proceeding with the second round of licensing for all the remaining blocks in the southern part of Cyprus’ EEZ, a prospect that is anticipated with great interest internationally.

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