ASENIOR official at the Commerce Ministry has raised hopes of a gas bonanza for the cash-strapped island after he predicted that the total gas reserves in Cyprus EEZ may exceed sixty-trillion cubic feet.

Solon Kassinis, the Director of Energy at the Ministry of Commerce, Industry and Tourism told state TV that exploiting the reserves would generate a net profit of 800 billion euros.

Speaking from Tel Aviv, he said reserves in block 12 alone, where exploratory drilling has been conducted, are estimated at between 8 & 12 billion cubic feet, adding these reserves are enough to cover the energy needs of Cyprus for the next 250 300 years and will bring a net profit of 86 billion euros.

Kassinis also said he was certain that oil reserves also existed under the seabed, and expects this to be confirmed when a 7 kilometer test drill is carried out in the future.

Earlier this week Noble Energy officials said they believe there is a lot more natural gas than first estimated in the Cypriot Block 12 offshore field.

The announcement was made to journalists at a news conference Wednesday in Nicosia by Noble’s Cyprus manager, John Tomich. The firm owns 70 percent of the Block 12 license, together with Delek Group’s Avner Oil and Gas (15 percent) and Delek Drilling Limited Partnership (15 percent).
Copyright  Famagusta Gazette 2012