Detailed three dimensional seismological data shows petrol reserves of some 1.496 billion barrels in Block 12 of Cyprus’ Exclusive Economic Zone, Noble Energy said in Houston , confirming Tuesday’s report in The Cyprus Daily.
Briefing bank and investment analysts, Noble said it estimates a total of 3 billion barrels in Israel’s Leviathan and Cyprus’ neighbouring Block 12.
At an average price of $100 a barrel, this means a total value of $1.3 trillion. According to conservative estimates, Cyprus can anticipate revenue of $65 billion from the petrol reserves in Block 12 alone.
Noble also told analysts that there would be further test drills for natural gas in Block 12 in October, with production expected to start in 2019.
But Energy Minister George Lakotrypis struck a cautious note yesterday, saying that it was still too early to reach any definitive conclusions.
“(US firm) Noble Energy has carried out three-dimensional research in Block 12 and this is now being analysed and will be made public by spring 2014,” he said in Brussels where he was on a working visit.
“That’s when we will have a clearer picture on oil reserves, but confirmation will only be made after a drill,” he added.
In a related development, Israeli business website Globes reported yesterday that an agreement between Israel and Cyprus defining their maritime border and Exclusive Economic Zones for offshore energy will be enshrined in Israeli law.
A memorandum entitled "Maritime Zones Law" was distributed yesterday by Israel’s Ministry of Justice to be ratified by parliament, it added.