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Cyprus share of oil estimated in the region of €60 billion

Cyprus share of oil estimated in the region of €60 billion

Approximately 3 billion barrels of oil may lie in plot 12 of Cyprus’ exclusive economic zone, according to Noble Energy and unofficial reports indicate that such reserves would translate into revenues of approximately €60 billion for Cyprus. The decisive period by which we will know whether there are oil reserves in block 12 is spring 2014.

“Significant exploration potential remains on the Company’s acreage position in the Eastern Mediterranean, with approximately 3 billion barrels of gross unrisked oil potential in the deep Mesozoic play in both Cyprus and Israel and four trillion cubic feet gross of natural gas potential in Cyprus. Current plans are to resume exploration drilling in the Eastern Mediterranean in late 2014 or early 2015,” Noble Energy said during a conference in Texas.

Commenting on the report, Cyprus former Energy Service Director Mr. Solon Kassinis, spoke of a change of scenario, taking into account that the pumping and exploitation of oil can be realised sooner than that for natural gas. He also added that if immediate actions/decisions are taken, pumping could begin within the next two years, without this having a negative impact on the plans for the pumping of natural gas in four years time.

He also emphasized that the new data can be expected to lead to an increased interest from large foreign companies.

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