Cyprus to release results of natgas appraisal drilling on Thursday

The Cyprus government and Houston-based Noble Energy will jointly release the preliminary results of the appraisal drilling for hydrocarbon reserves in block 12 of the Cyprus Exclusive Economic Zone (EZZ), amid press reports over the weekend that the results will be lower than the initial reserve estimates announced last year.

The Houston-based exploration and production company, listed on the New York Stock Exchange (NYSE:NBL) will make the announcement simultaneously with Energy, Commerce, Industry and Tourism Minister George Lakkotrypis who will inform the Cabinet in the morning and members of parliament, followed by a press conference.

The initial find in Noble’s Block 12, named ‘Aphrodite’, estimated gross mean resources of 7 trillion cubic feet (tcf), prompting the Cyprus government to proceed with a memorandum of understanding with Noble and it’s Israeli partners, Delek and Avner, to design and built a land-based regasification plant for export purposes.

The Italian-Korean joint venture ENI/KOGAS will start its own hydrocarbons exploration in blocks 2, 3 and 9 in the Cyprus EEZ next year, as will French TOTAL for blocks 10 and 11, all of whom have also shown interest to invest in additional trains at the Cyprus LNG plant.

Recent finds and start of production within Israeli waters, as well as Lebanon’s plans to invite exploration companies to search for natural gas or crude oil within its own territory, has made the eastern Mediterranean one of the most promising natural gas fields, with total discovered gross mean resources in Israel’s Levant Basin alone estimated to be approximately 38 tcf.