ECONOMY

Small possibility of oil off Cypriot coast

There is a small, but not zero, possibility of block 12 off the coast of Cyprus having any oil reserves, according to the head of Noble Energy on Cyprus, John Tomic, who explained the progress of his company?s research at the island?s exclusive economic zone during a press conference on Wednesday in Nicosia.

US company Noble added that the appraisal well, i.e. the drilling that will confirm the estimated reserves of natural gas of some 7 trillion cubic feet, will take place at Block 12, to the south of the island, between the first and the second quarter of 2013.

Tomic was speaking in the presentation of the conference his company will organize on Cyprus entitled ?Eastern Mediterranean Gas Conference? on March 26-28, 2013.

He added that beyond the 7 trillion c.f. of gas discovered at Block 12, ?we think there may potentially be much greater reserves and we shall attempt additional drillings, as well as searching for oil.?

?We have not yet found any oil in the Levantine basin, but geologically there is no reason why oil should not be discovered here. It is only a matter of where, how much and at what depth,? Tomic said.