Noble Confirms Cypriot Gas Find

American energy firm Noble Energy has confirmed the discovery of a substantial gas find in Block 12 in Cyprus's offshore Exclusive Economic Zone. 

The firm says that the Aphrodite-1 wildcat encountered approximately 301 feet of natural gas pay, with reserves estimated to be between 5 and 8 trillion cubic feet (TCF), with a gross mean of 7 TCF.

Noble is a 70 per cent stakeholder in Block 12 and acts as operator with Israeli Delek Drilling and Avner Oil Exploration holding a 15 per cent stake each.

CEO and Chairman of Noble Energy Charles D. Davidson said the find was a complement to Noble's other finds in the Levant Basin.

"We are excited to announce the discovery of significant natural gas resources in Cyprus on Block 12," he said. "This is the fifth consecutive natural gas field discovery for Noble Energy and our partners in the greater Levant basin, with total gross mean resources for the five discoveries currently estimated to be over 33 TCF.

"This latest discovery in Cyprus further highlights the quality and significance of this world-class basin.

"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 maximises value for all stakeholders."