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Nicosia: Natural Gas Reserves Estimate Revised Downwards

The estimated amount of natural gas reserves within the Block 12 concession, operated by the Noble Energy Inc., has been revised downwards by a foreign independent consulting company, “Netherland Sewell & Associated Ltd”, which works with the American firm “Noble Energy”.

Netherland Sewell & Associates Ltd (NSAI), a Texas-based oil and gas consulting firm, gives a best estimate of 5.1 trillion cubic feet (tcf) of gas with a probability of 50 per cent, the Israeli news website Globes reported yesterday. The figures are within the predicted range (3 to 9 trillion cubic feet), but lower than the average of 7 trillion tcf.

According to the NSAI’s assessment, “Block 12’s two reservoirs have a best estimate of 1.7 tcf and 3.4 tcf of gas, respectively, of proven reserves, based on the exploratory Aphrodite A-1 well.” Noble Energy was the only energy exploration company to apply for the Block 12 concession in October 2008. The three-year license can be extended twice.

The statements of the Turkish Minister of EU Affairs, Egemen Bagis, regarding a very likely annexation of Northern Cyprus by Turkey, are still raising disputes and concerns. Many Cypriot political leaders publicly oppose the inappropriate threats.

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