BREAKING NEWS

Noble Energy sees more gas in Block 12

By GLOBES

OCTOBER 25, 2012 11:36

Noble Energy believes Cyprus's Block 12 offshore field contains much more than the 7 trillion cubic feet (TCF) that it estimated in May.

Cyprus manager John Tomich told a press conference in Nicosia yesterday, "We made that nice discovery of 7 TCF but we think there is a lot more potentially there and we will be chasing additional gas fields."

Tomich also said that Noble will be looking for oil beneath the natural gas strata but observed that the probability for oil is "small but not zero."

Geologists involved in Israeli offshore drilling believe that Noble's optimistic statements about Block 12 bode well for estimates that the Levant basin contains more gas than has so far been found.

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