Noble Energy CEO: 35 TCF gas found in Israel, Cyprus

Charles Davidson's statement implies that Cyprus's Block 12 has 8-9 TCF of gas.

10 May 12 12:24, Globes' correspondent

"The company has discovered 991 billion cubic meters (BCM) ) of natural gas reserves, which exceeds the domestic needs of both Greek Cyprus and Israel," Noble Energy CEO Charles Davidson told the Cyprus-US Commerce Chamber’s Annual Award Dinner on Tuesday.

Davidson added, "Noble Energy believes that natural gas deposits in Cyprus’ exclusive economic zone could help develop good relations with its neighbors, pointing out that these deposits far exceed Cyprus’ needs and can be exported abroad”, he said. “35 trillion cubic meters (TCF) of natural gas have been discovered, in Cyprus’ and Israel’s EEZ. The amount of natural gas discovered exceeds the needs of their domestic markets, which cannot absorb the quantities of natural gas that will be produced, thus its commercial exploitation is necessary through exports to other countries. A great opportunity for natural gas transfer to Europe and Asia opens up, but also an opportunity for better relations between Cyprus and neighboring counties, that never existed before."

Davidson's figure of 35 TCF of gas means that Cyprus's Block 12 has 8-9 TCF, more than the gross mean of 7 TCF Noble Energy has officially reported. Israel's Tamar discovery has 9 TCF (245 BCM) and Leviathan has 17 TCF (450 BCM), and the Yam Tethys satellite field Noa has 1-2 TCF.

Noble Energy owns 70% of Block 12 and Delek Group Ltd. (TASE: DLEKG) owns 30% through its subsidiaries Avner Oil and Gas (TASE: AVNR.L) and Delek Drilling Limited Partnership (TASE: DEDR.L). The two companies are also partners in Leviathan, Tamar, and Yam Tethys.

Published by Globes, Israel business news - www.globes-online.com - on May 10, 2012

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