Cyprus Deposits in Block 12 Exceed 5 Trillion Cubic Feet Of Natural Gas

Announcing the find live on television, Cypriot President Demetris Christofias said proudly that the Aphrodite Block 12 field contains between 5 trillion and 8 trillion cubic feet of natural gas, Christofias said the find was ‘significant’ and would have advantageous implications for the economy. He also expressed the hope that the find would help the Cyprus peace talks. The Cypriot president also said that it would place his country on Europe’s energy map. “The discovery of natural gas offers us the prospect of great and lasting economic growth which will benefit both present and future generations,” Christofias said.

Earlier this year Noble cited seismic surveys pointing to three to nine trillion cubic feet of natural gas within Block 12, with a 60 per cent geologic probability of success. Charles D Davidson, Noble Energy’s Chairman and CEO, said today:  “We are excited to announce the discovery of significant natural gas resources in Cyprus on Block 12.  This is the fifth consecutive natural gas field discovery for Noble Energy and our partners in the greater Levant basin. This latest discovery in Cyprus further highlights the quality and significance of this world-class basin.”

Davidson went on to say, “We would like to thank the Government of Cyprus for their productive cooperation and support in achieving an important outcome for the people of Cyprus and Noble Energy.  We look forward to working closely with the Government of Cyprus to develop this discovery in a manner that maximizes value for all stakeholders.” Read More: Cyprus-Mail

*Editors Note: Some are even claiming that the amount found in Cyprus’ EEZ surpasses the trillion dollar mark…. Following the news the country’s stock market jumped by seven points!

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