The results of the appraisal drilling by Noble Energy for hydrocarbon reserves in Cyprus’ Exclusive Economic Zone (EEZ) will be announced the first week of October, Energy, Commerce, Industry and Tourism Minister Giorgos Lakkotrypis said after a meeting of the House Commerce Committee.
But he urged everyone to be patient until the government has the official preliminary results as to the quality and quantity of the reserves.
“This is a very sensitive issue. Two companies, ENI and TOTAL, are involved and they are quoted in their countries’ stock exchange. We have to be very careful before we mention any quantity and quality,” he added.
Lakkotrypis said that the two companies will have concluded their seismic data research in other blocks of Cyprus’ EEZ by the end of the year and that more exploratory drilling will take place in 2014 and 2015 by the two companies.
Cyprus has signed contracts with the ENI/KOGAS consortium for hydrocarbons exploration in blocks 2, 3 and 9 and with French TOTAL for blocks 10 and 11.
US-based Noble Energy was the first to conclude an exploration and licensing contract in 2008 for the offshore block 12. Exploratory drilling in late 2011 revealed an estimated gross mean resources of 7 trln cubic feet, while drilling for an appraisal well ended earlier this month, with experts suggesting a 98% methane quality output, considered very high and promising as its extraction could be less costly.
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