US-based Noble Energy will declare gas reserves discovered offshore Cyprus commercially viable in the next few weeks, the government said on Tuesday.
Speaking after a meeting between President Nicos Anastasiades and Noble Energy senior vice president Keith Elliot, Energy Minister Giorgos Lakkotrypis said the company intended to submit a plan for the development of the Aphrodite reserve, and will declare it commercially viable within the next few weeks.
“These two events are very important for Cyprus, because it is the first time that we will move from exploration to hydrocarbon development and exploitation as a country,” the minister said.
“There is still a long way to go, especially as regards commercial agreements that need to be made, but surely the submission of a development plan and declaring the reserve commercially viable would be a very important event, a step forward for our country,” Lakkotrypis said.
“Declaring it commercially viable sends the message to foreign buyers that we have natural gas for sale. This means that it can be for export or used in Cyprus, or a combination, which is our intention.”
According to Noble Energy, their ‘Aphrodite’ play has proven reserves of between 3.6 and 6 tcf. It’s understood, however, that privately the Americans have narrowed down the quantities to around 3.1 tcf, based on a 90 per cent probability.
Source: Cyprus Mail