Noble Energy's Israeli partners Avner Oil and Gas LP and Delek Drilling LP have raised their estimate for the amount of natural gas in Cyprus' Block 12 reservoir by 14 billion cubic metres. The firms also raised the estimated number of barrels of condensate (a liquid by-product of natural gas production that can be sold separately) in Block 12.
The new estimates are 127 bcm of gas (up from 113 bcm), and 9 million barrels of condensate, up from 8.1 million. The new gas estimate corresponds to roughly 4.5 trillion cubic feet (tcf). Despite the 12% increase, the revised numbers still do not come close to the minimum amount of gas which Noble Energy – operator of the Block 12 prospect – says is needed to make an onshore LNG plant commercially feasible.
For more information please visit the Cyprus Investment Promotion Agency.
