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FACTDROP: Cypriot minister: Block 12 gas production by 2017
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8/22/2012

Cypriot minister: Block 12 gas production by 2017


Πηγή: Globes
By Nadav Neuman
August 22 2012

Block 12, owned 70% by Noble Energy and 30% by Delek, has an estimated 8 trillion cubic feet of gas, just under half the size of the nearby Israeli Leviathan field.

Cypriot Minister of Commerce, Industry and Tourism Neoklis Sylikiotis says that Noble Energy Inc. (NYSE: NBL) plans to begin a second round of drilling at Block 12 in 2013, begin production by 2017, and begin exports by 2019.

Noble Energy owns 70% of Block 12, and Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE:DEDR.L) each own 15%. Block 12 has an estimated 8 trillion cubic feet of gas, just under half the size of the nearby Israeli field, Leviathan, owned by the same companies together with Ratio Oil Exploration (1992) LP (TASE:RATI.L)

Sylikiotis added that Cyprus expects to earn €300 million from its offshore gas and oil concessions.

According to the "Cyprus Mail" today, "In the government gazette edition of August 17, the US firm invited bids for two separate contracts which, taken jointly, suggest that it is pressing forward with the natural gas field - approximately nine months after it announced a significant find there." It adds, "Subsea testing costs around US$350 million. Analysts say the total tab for developing the Block 12 prospect, including all the facilities for subsea testing as well as the pipelines, could come to $3.5 billion."



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