Cyprus Gas find worth 'tens of billions'

29/12/2011
CYPRUS HAS approximately €100 billion worth of natural gas that will satisfy its electricity production needs for 210 years, said Commerce Minister Praxoulla Antoniadou yesterday. Antoniadou was speaking only hours after President Demetris Christofias officially announced that Noble Energy had discovered between 5 trillion and 8 trillion cubic feet (tcf) of natural gas in the Block 12 Aphrodite field. Christofias called the find “historic”, while Noble said it was “excited” about the “significant” find. Antoniadou highlighted that the most important aspect of Noble’s findings was that “there is now certainty on the existence of natural gas in Cyprus, because until now we spoke about possibilities”. Investors had shown interest even before any confirmation of the existence of hydrocarbons in block 12 of Cyprus’ Exclusive Economic Zone (EEZ). But now that Noble has confirmed the existence of a natural gas reservoir of between 5 trillion and 8 trillion cubic feet (tcf) with a gross mean of 7tcf, this interest will manifest in much more concrete terms, with regard to infrastructure investments and the provision of additional services.