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First estimate of our gas wealth
US-BASED Noble Energy yesterday said its Cyprus gas prospect, where exploratory drilling is now underway, holds estimated gross resources of 3 to 9 trillion cubic feet (tcf) of gas.
The prospect has a 60 per cent probability of geological success, the company added yesterday at an analysts’ conference hosted by senior management in Houston, Texas.
It was the US company’s first public appraisal of the Cypriot gas prospect; such estimates are often revised upwards or downwards.
Noble noted, for example, that the gross resource estimate of Israel’s Tamar prospect has been increased to 9tcf from 8.4tcf as a result of appraisal work.
Cypriot officials, who had previously given preliminary and estimated assessments that the block contained 8 to 10 tcf, said they would wait for results once drilling concluded in early to mid-December.
"I am sure that the findings will be satisfactory to all," a Cypriot energy official told Reuters.
Noble started drilling the offshore prospect south of Cyprus, which lies close to large discoveries off Israel, at the end of September.
On its operations in the eastern Mediterranean, Noble said it has identified a total of 12 additional prospects that target sands equivalent to those discovered at Tamar with “estimated gross un-risked resource potential” of more than 20 tcf.
“Additionally, there exists a total gross un-risked deep oil potential of 3.7 BBoe (billion barrels of oil equivalent) across the company’s acreage,” the company said.
Energy experts explained to the Cyprus Mail that the 60 per cent probability cited by Noble was a positive indication, adding: “anything above 50 per cent is good, since we are talking probabilities based most likely on geological or seismic data, rather than based on actual finds.”
Essentially what Noble did was use a probability-based algorithm to calculate the chances of finding anywhere between 3 and 9 tcf, the experts said.
Noble is expected to announce more solid estimates sometime in the next few weeks once it has found gas.
Cyprus’ move to drill for gas angered Turkey. Ankara disputes Nicosia’s right to explore for hydrocarbons, while Cyprus says it is within its sovereign rights.
The authorities will define in coming days plans to launch a new licensing round for offshore oil and gas exploration, commerce minister Praxoulla Antoniadou said.
Sigmalive reported last night that today the Cabinet will be making a “preliminary decision” on inviting expressions of interest for the second licensing round. It said also the President is next week scheduled to meet with the recently-appointed energy advisory committee.
The prospect has a 60 per cent probability of geological success, the company added yesterday at an analysts’ conference hosted by senior management in Houston, Texas.
It was the US company’s first public appraisal of the Cypriot gas prospect; such estimates are often revised upwards or downwards.
Noble noted, for example, that the gross resource estimate of Israel’s Tamar prospect has been increased to 9tcf from 8.4tcf as a result of appraisal work.
Cypriot officials, who had previously given preliminary and estimated assessments that the block contained 8 to 10 tcf, said they would wait for results once drilling concluded in early to mid-December.
"I am sure that the findings will be satisfactory to all," a Cypriot energy official told Reuters.
Noble started drilling the offshore prospect south of Cyprus, which lies close to large discoveries off Israel, at the end of September.
On its operations in the eastern Mediterranean, Noble said it has identified a total of 12 additional prospects that target sands equivalent to those discovered at Tamar with “estimated gross un-risked resource potential” of more than 20 tcf.
“Additionally, there exists a total gross un-risked deep oil potential of 3.7 BBoe (billion barrels of oil equivalent) across the company’s acreage,” the company said.
Energy experts explained to the Cyprus Mail that the 60 per cent probability cited by Noble was a positive indication, adding: “anything above 50 per cent is good, since we are talking probabilities based most likely on geological or seismic data, rather than based on actual finds.”
Essentially what Noble did was use a probability-based algorithm to calculate the chances of finding anywhere between 3 and 9 tcf, the experts said.
Noble is expected to announce more solid estimates sometime in the next few weeks once it has found gas.
Cyprus’ move to drill for gas angered Turkey. Ankara disputes Nicosia’s right to explore for hydrocarbons, while Cyprus says it is within its sovereign rights.
The authorities will define in coming days plans to launch a new licensing round for offshore oil and gas exploration, commerce minister Praxoulla Antoniadou said.
Sigmalive reported last night that today the Cabinet will be making a “preliminary decision” on inviting expressions of interest for the second licensing round. It said also the President is next week scheduled to meet with the recently-appointed energy advisory committee.
Source: www.cyprus-mail.com
November 16, 2011
November 16, 2011