The gas find, termed “historic” by Republic of Cyprus President Demetris Christofias, could be as much as 8 trillion cubic feet. The gas is said to be in Block 12 of the Aphrodite Gas Field, and it could be enough to power all the electricity on the island for 210 years.
In a press announcement, Charles D. Davidson, Noble Energy’s Chairman and CEO, said, “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, 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.”
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.”
But exploration is one thing: actual commercial production is quite another. Due to the enormity of the costs involved in drilling offshore wells and turning the gas into liquified natural gas, Cyprus has turned to other countries for help. Besides making agreements with Israel, which has made significant gas discoveries of its own, the Cypriots have turned to the European Union as well. Turkey is not a member of the EU and given the EU’s recent financial crisis, it is unlikely that it will any time soon.
The country’s Commerce Minister, Praxoulla Antoniadou, was quoted as saying: “If you want an indication( of the value of the gas), if you consider that 6,000 cubic feet is equal to one barrel of oil, then approximately 7 tcf is equivalent to one billion barrels, and to give an indicative value of these deposits based on the barrel analogy, the deposits in one