"Substantial" Cyprus Gas Find Rumoured

A "substantial" gas find has been made in Block 12 in the offshore area of Cyprus, several unsubstantiated reports have said. 

The rumoured gas find relates to an area currently under licence to Noble Energy Inc in the Cypriot portion of the Mediterranean Sea. Cypriot newspaper Politis has reported that the find is equal to or larger than that found by Noble in the nearby Israeli Leviathan field, which would exceed Noble's initial estimates of 9 trillion cubic feet of gas in Block 12. The newspaper does not name its sources for the story but says that these sources are "reliable".

On Tuesday, Noble increased its estimate for the total gas reserves in the Leviathan field from 16 trillion cubic feet to at least 17 trillion cubic feet and up to 20 trillion cubic feet.

"The reservoir thickness and quality were greater than anticipated," the company said in a statement.

Separately, Israeli news organisation Globes has said that results from the Cypriot Block are imminent. Globes also cite sources who say that the block is likely to contain 8 trillion cubic feet or higher, making it larger than the Israeli Tamar field. Another Cypriot news site, Philenews, has reported that the gas reserves may total up to 13 trillion cubic feet.

Globes says that results will be given from the block on Friday (tomorrow). The timeline is in line with Noble's own estimates that it would be in a position to give results from the block by Christmas. Noble confirmed the rumoured result time two weeks ago.

Noble Energy is the majority shareholder in Block 12 at 70 per cent, with Israeli Delek Energy holding a 30 per cent stake.