The Cyprus National Hydrocarbons Company (CNHC) discussed the next steps in Cyprus` offshore block 12 development with a senior team from Noble Energy headquarters.
A press release issued today by CNHC says that the two-day discussions which took place on January 22 and 23 focused on three issues.
The two sides made a comprehensive update on both the upstream (offshore installations and sub-sea pipeline) and midstream (LNG Project) activities undertaken so far by Noble and they reviewed the commercial activities for the LNG Project and the terms of an LNG Project Memorandum of Understanding to incorporate the principles for developing the LNG Project.
Furthermore, a timetable for the project, including construction activities at Vasilikos that would enable LNG exports at the earliest feasible date, was discussed.
Exploratory drilling in block 12 operated by Noble has revealed an estimated gross resource range of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf. Yesterday Cyprus signed a contract with ENI/KOGAS consortium for hydrocarbons exploration in blocks 2, 3 and 9 in the EEZ of Cyprus, while it conducts negotiations with French energy giant Total over block 11.
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