Discovery of Natural Gas Off Coast of Cyprus
The field is covering aproximately 40 square miles (100 square kilometers) and requires also additional appraisal drilling before development due to the very big possibility of oil existence below the natural gas finding. Noble Energy additionaly stated that in Cyprus A-1 well exist from 5 to 8 trillion cubic feet of gas, with a gross mean of 7 trillion cubic feet, Houston-based .
“The gas discovery in the exclusive economic zone of our country creates great prospects for Cyprus and its people, which we shall seriously, prudently and collectively exploit to serve public interest,” Cypriot President Demetris Christofias said at a press conference in Nicosia today. “Cyprus is coming into Europe’s energy map with prospects of substantially contributing to the EU’s energy security.”
Noble Energy operates the Cyprus well with a 70 percent working interest. Delek Drilling LP and Avner Oil Exploration LP each hold a 15 percent stake.
The U.S. Geological survey estimates that the Levant Basin, a triangular slice of the Mediterranean lying between Cyprus and Israel, may hold 122 trillion cubic feet of gas. Noble Energy discovered the Tamar field in 2009 and the Leviathan field in 2010, both off the coast of Israel.
Leviathan may hold as much as 20 trillion cubic feet of gas, Noble said in a Dec. 19 statement. Tamar is estimated at about 9 trillion cubic feet, Chief Operating Officer David Stover told investors at a Dec. 7 conference.
Noble shares rose 1.1 percent to 96.70 at 9:11 a.m., before the start of regular trading in New York.
Cyprus Real Estate prices are expeceted to rice in the nearest future do the fact that many Companies and their personel ar expected to be stationed in the island from now on. New Developments are expected to take place in order to accomodate the increase of the Cyprus Islands population and a new era is going to blow soon in the island changing around the results from the recent economic crisis.
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