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FACTDROP: Nobel Energy Optimistic for a Multibillion Gas Reserve in Cyprus


Nobel Energy Optimistic for a Multibillion Gas Reserve in Cyprus

Πηγή: Naturalgaseurope
Nov 13 2011

Noble Energy officials presented their optimism on board the research platform "Homer", offshore Cyprus, regarding the potential existing reserves of gas. They estimated around a 10 trillion cubic feet of gas according to their latest geological estimations and they added that more definite data will come forward by the beginning of December.

Noble's research drill is moving at a pace of 50 meters per day and the target is to conclude the drill by entering into the reserve with a width of less than 2 meters, followed by cementing the area and placing the extraction tubes.

Cypriot newspaper Fileleftheros reported that the American company’s officials assured around $100 billion USD worth of gas fields with current prices. 20% of the field is in the Israeli exclusive economic zone; the rest belongs to the Cypriot one. According to the contract made between Noble and the government of Cyprus as it was revealed recently in the Cypriot parliament, the company will receive 50% of revenues for the first 25 years. Thereafter Cyprus will receive the full income derived from the gas field.

Moreover, sources from Israel's energy community point out that three other potential gas fields are to be explored in the coming years on the border area between the exclusive economic zones of both Israel and Cyprus that can potentially transform the region of Eastern Mediterranean into a promising gas production area for the whole of the globe. To that one must add the already found Tamar and Leviathan fields.

The situation in the wider region has already attracted interests by many international energy companies. The press in Cyprus reports frequently around interest from Gazprom and Total in acquiring research rights and talks of an unofficial nature have already taken place in Nicosia between high-level managers from the companies and state officials. In parallel vessels from the Navies of U.S (6th fleet) and the Russian Navy are patrolling offshore Cyprus within a distance 60-100 miles from coast. Several reliable sources mention around the presence of UK and French vessels, as well as Turkish, Israeli and Greek.

The overall assumption by many security analysts is that Cyprus is steadily becoming an important energy point regarding the future of European energy security, and estimate that this also entails increased antagonism by various state and corporate interests. The latest high-level information for security analysts in London mention that a growing crisis may be at hand concerning Turkey's moves against the "energy entente" between Nicosia and Tel Aviv.

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