Reports of Noble Gas Find in Disputed Cyprus Drilling

Noble Energy Inc. has discovered gas offshore in Cyprus, according to Greek and Cypriot newspaper, Philelftheros.

Citing unnamed sources, the newspaper says that the find in Block 12 of the country's Exclusive Economic Zone (EEZ) indicates that levels are between 30-40% better than original estimates. The paper also says that the gas lies at a far shallower depth than previously thought, up to 1,000 metres closer than expected.

However, Cypriot government officials have been quick to downplay the newspaper report, urging patience until the report is confirmed or denied. 

"I would like to ask everyone to have a little patience until we reach the intended target and determine, with the help of God and nature, what we all hope for," Commerce Minister Praxoulla Antoniadou said. 

"At the moment we are only halfway to meeting our drilling target; we are now at 2,200 metres below the seabed. Our target is to reach 4,000 metres, which is where we have expectations that there could possibly be hydrocarbon deposits."

President Demetris Christofias also dismissed the newspaper's claims that he would visit the rig by the end of this week in homour of the the alleged gas discovery.

"If there will be a visit it will be officially announced," he told reporters. He also retorted that newspapers did not dictate where the president should visit.

Commerce Minister Antoniadou said that, even if trace amounts of natural gas and bubbles had been noted, this was not indicative of any impending find and that these were common at all stages of the exploration process.

"This does not mean that we've discovered the deposits and it is a shame that these impressions are created, keeping the world in suspense,"she said.

Turkey's respond to Cyprus’s decision to start drilling for gas in September was to begin its own gas exploration in waters near Cyprus, with some reports that its research ship was accompanied by warships.

Cyprus Energy Service head Solon Kassinis previously commented, “I expected Turkey to bark but I don’t think they will do anything because what we’ve done is based on international law, and if they want to be considered a country that respects international law, when it has a network of (oil and gas) pipe lines, charging transit fees, how can it?"