Noble Energy announced today that the results of a second appraisal drilling in the Aphrodite field offshore South Cyprus shows that it holds between 3.6 and 6 trillion cubic feet (Tcf) of gas with a mean of approximately 5Tcf.
The US based company which holds a 70% share in the drilling rights stated that:
“Results from the Cyprus A-2 well have confirmed substantial recoverable natural gas resources and high reservoir deliverability. While the A-2 location has successfully defined the northern area of the discovery, we anticipate additional appraisal activities are necessary to further refine the ultimate recoverable resources and optimise field development planning.”
Exploratory drilling carried in 2011 showed “an estimated gross resource range of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf.“
It is the South’s stated intent to construct an LNG plant at Vasilkos. Engineering designs are in the making, however, the plant would cost an estimated 9 billion US$ to build.
Dr. Theodore Tsakiris, Assistant Professor, Geopolitics of Hydrocarbons, University of Nicosia was asked in a recent interview how much gas would be required to justify the construction of an LNG terminal. He replied that it would need 8-9Tcf of gas to be really economical and required a minimum of 7Tcf to be marginally viable before needing gas from other sources.