On December 28th Noble Energy, Inc. made an official announcement of a natural gas discovery at the Cyprus Block 12 of the Aphrodite Gas Field, offshore Cyprus.
Results from the Cyprus A-1 well indicate from 5 to 8 trillion cubic feet of gas and could be enough to power all the electricity on the island for 210 years.
“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,” said Cypriot President Demetris Christofias at a press conference following the announcement. “Cyprus is coming into Europe’s energy map with prospects of substantially contributing to the EU’s energy security.”
The Republic of Cyprus has started surveying for natural gas, and it’s been estimated that the country’s undersea reserves are worth billions of dollars.
“If you want an indication (of the value of the gas), if you consider that 6,000 cubic feet is equal to one barrel of oil, then approximately 7 tcf is equivalent to one billion barrels, and to give an indicative value of these deposits based on the barrel analogy, the deposits in one of the 13 blocks are worth around €100 billion in value,” said the country’s Commerce Minister, Praxoulla Antoniadou.
Houston-based Noble Energy pointed out in their statement that the field covers about 100 square kilometers and will need additional appraisal drilling before development.