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Ongoing explorations of – and deliberations regarding – Cyprus’ hydrocarbon reserves are set to turn to commercial exploitation as Noble Energy prepares to declare the commercial viability of block 12 of the island’s Exclusive Economic Zone (EEZ).
The US-based energy giant, in cooperation with Delek drilling, holds the rights to the exploration of block 12, known as the ‘Aphrodite’ field.
Its evaluation of the viability of the field is expected to be completed and presented to Governmental officials in the coming weeks, according to Minister of Energy Yiorgos Lakkotrypis.
Following this presentation, Noble will submit a plan for the development of the Aphrodite reserve, he said, adding that both events will hold significance for the future of the country’s budding energy sector.
“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,” Lakkotrypis commented.
There is, however, a long way to go, “especially as regards commercial agreements that need to be made.” Nevertheless, the Minister continued, these developments remain of great importance for the country at large.
“Declaring commerciality 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.”
Estimates for the amount of natural gas in the Aphrodite reservoir have been increased by 14 billion cubic meters (BCM). The new estimates indicate that the field holds some 127 BCM of gas, up from 113 BCM, and nine million barrels of condensate, up from 8.1 million. 
The estimated number of barrels of condensate (a liquid by-product of natural gas production that may be sold separately) has also been raised.