Noble Energy Discovers Natural Gas Along Coast of Republic of Cyprus

Noble Energy has discovered the presence of natural gas along the coast of Cyprus Block 12 prospect, offshore the Republic of Cyprus. The Cyprus A-1 well that was discovered contained 310 ft of net natural gas pay present in multiple high-quality Miocene sand intervals.

The natural gas well was drilled to a depth of 19,225 ft and an in-water depth of around 5,540 ft. The initial drilling, formation logs revealed a gross resource range of 5 to 8 trillion cu. ft and a gross mean of 7 trillion cu. ft (Tcf). The Cyprus Block 12 field spans 40 sq.mi and will need an appraisal prior to the commencement of developmental work. The CEO of Noble Energy stated that this discovery was the fifth in the row of natural gas discoveries in the greater Levant Basin. The gross mean of all the resources from the discoveries made so far is more than 33 Tcf. The latest discovery further highlights the significance of this basin as a natural gas resource location.

Noble Energy currently operates the well with a working interest of 70%. The other stakeholders are Delek Drilling and Avner Oil Exploration with stakes of 15% each. The final approval will however lie with the Government of Cyprus. Noble Energy has its operations spread over the US onshore, offshore Eastern Mediterranean and West Africa.

Source: http://www.nobleenergyinc.com