Oil reserves have been found below the gas reserves in Plot 12 of Cyprus' Exclusive Economic Zone (EEZ) based on Noble Energy's latest findings.
Detailed three-dimensional and two-dimensional seismic data shows that oil reserves of between 1.2 and 1.4 billion barrels lie around 7,500 metres below the seabed.
Further analysis will be carried out by firms working in co-operation with the Texas based energy company, whose findings are expected to be completed by April next year.
The discovery raises hopes for potential oil drilling in the island's EEZ and, if confirmed, would provide a much needed boost to Cyprus' struggling economy.
Calculations based on conservative estimates suggest the oil reserves would translate into revenues of approximately €60 billion, based on its agreement with the company. The added benefit of the oil reserves discovery is that the time and expenditure involved in drilling and extraction is far less than that for natural gas and should result in an eralier boost to the island's economy.