ECONOMY

Noble reduces gas estimate in Block 12 off coast of Cyprus

Noble Energy Inc. reduced the amount of natural gas it estimates is present in a field off the coast of the Republic of Cyprus after getting results from an appraisal well in Block 12.

The gross resources of the field range from 3.6 to 6 trillion cubic feet, with a mean of about 5 trillion cubic feet, the company said in a statement today. Noble, which owns a 70 percent stake in the block, estimated in 2011 the field held a mean of 7 trillion cubic feet.

The company said today it anticipates “additional appraisal activities are necessary to further refine the ultimate recoverable resources and optimize field development planning.”

Delek Drilling-LP and Avner Oil Exploration LLP each hold a 15 percent working interest in the block. [Bloomberg]