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GreekReporter.comGreek NewsCyprusNoble Reduces Gas Estimate in Block 12 off Coast of Cyprus

Noble Reduces Gas Estimate in Block 12 off Coast of Cyprus

oilNoble Energy Inc. reduced the amount of natural gas it estimates is present in a field off the coast of the Republic of Cyprus after getting results from an appraisal well in Block 12.
The gross resources of the field range from 3.6 to 6 trillion cubic feet, with a mean of about 5 trillion cubic feet, the company said in a statement today. Noble, which owns a 70 percent stake in the block, estimated in 2011 the field held a mean of 7 trillion cubic feet.
The company said today it anticipates “additional appraisal activities are necessary to further refine the ultimate recoverable resources and optimize field development planning.”
Delek Drilling-LP and Avner Oil Exploration LLP each hold a 15 percent working interest in the block.
(source: Bloomberg)

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