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FACTDROP: Noble estimates Cyprus prospect has 3-9 tcf of gas
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11/15/2011

Noble estimates Cyprus prospect has 3-9 tcf of gas


Πηγή: Reuters
Nov 15 2011

U.S. based Noble Energy said on Tuesday its Cyprus A gas prospect, where exploratory drilling is now underway, had estimated gross resources of 3 to 9 trillion cubic feet (tcf) of gas.

The prospect had a 60 percent probability of geological success, Noble said in a news release.

Cypriot officials, who had previously given preliminary and estimated assessments that the block contained 8 to 10 tcf, said they would wait for results once drilling concluded in early to mid-December.

'I am sure that the findings will be satisfactory to all,' a Cypriot energy official told Reuters.

Noble started drilling the offshore prospect south of Cyprus, which lies close to large discoveries off Israel, at the end of September.

Cyprus's move to drill for gas angered its northern neighbour and rival Turkey, which supports a breakaway Turkish Cypriot state in northern Cyprus. Ankara disputes Nicosia's right to explore for hydrocarbons, while Cyprus says it is within its sovereign rights.

Cypriot authorities will define in coming days plans to launch a new licensing round for offshore oil and gas exploration, its energy minister said on Nov. 14.



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