NEW YORK - Noble Energy have discovered a total of 35 trillion cubic metres of natural gas in Cyprus’ and Israel’s exclusive economic zone (EEZ), a figure that opens up new doors for the island.
That figure was noted by Noble Energy CEO Charles Davidson, who was speaking at the Cyprus-US Commerce Chamber’s Annual Award Dinner, with American company owner signaling the start of a “good relations between its neighbours”.
“Noble Energy believes that natural gas deposits in Cyprus’ exclusive economic zone could help develop good relations with its neighbours, pointing out that these deposits far exceed Cyprus’ needs and can be exported abroad”, he said. “35 trillion cubic metres 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 cannot absorb the quantities of natural gas that will be produced, thus its commercial exploitation is necessary through exports to other countries. A great opportunity for natural gas transfer to Europe and Asia opens up, but also an opportunity for better relations between Cyprus and neighboring counties, that never existed before”.
These opportunities, he added, exist and the company in co-operation with the Cypriot government is working on a comprehensive plan, which will guarantee not only the transfer of gas to Cyprus, as soon as possible, to cover its needs but also the creation of the necessary infrastructure that will allow gas exports.
“Cyprus will gain great economic benefits since the world market of liquefied natural gas is strong and will remain so, given the great demand all over the world.”
Also present at the dinner was President Demetris Christofias who expressed “appreciation to Noble for discovering gas fields in Cyprus’ EEZ” before stressing its “enormous political and geostrategic importance both for EU energy security and the promotion of peace and security in the Eastern Mediterranean”.
Cyprus-US Chamber of Commerce President Vassos Vassiliou said the discovery has raised Cyprus’ profile and prospects for a better future, creating at the same time prospects of a solution to the Cyprus issue.
In December 2011, President Christofias announced that the results of the exploratory drilling in Cyprus` block 12 were positive, describing the discovery of hydrocarbons as historic for the island.
US company Noble Energy, which carried out the drilling, discovered 310 feet of net natural gas pay. The drilling reached a depth of 19,225 feet in water depth of about 5,540 feet.
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.
Cyprus has also launched a second licensing round for the 12 remaining blocks of its Exclusive Economic Zone.
Recently an announcement in the official gazette of Turkey read that areas spanning from Rhodes to the south west of Cyprus are given out for hydrocarbons studies and drilling. Maps published in the gazette show that the permits stretch as far as the Greek island of Rhodes as well as plots 1, 4, 5, 6 and 7 outlined by the Republic of Cyprus in the Eastern Mediterranean.