ECONOMY

Gas reserve estimates at Cyprus’ Aphrodite field lowered to 4.1 tcf

The Israeli partners in a group drilling at Cyprus’ offshore Aphrodite natural gas field said the estimated reserves there have dropped to 4.1 trillion cubic feet (tcf) from a previously estimated 5.2 tcf.

In a statement to the Tel Aviv Stock Exchange, Delek Drilling and Avner Oil Exploration, each with a 15 percent stake in the project, said the drop was mostly due to a decrease in the estimated thickness of the target layer.

Based on a report provided by consultants Netherland, Sewell & Associates, the statement also said there are significant» amounts of condensate – estimated to reach 8.1 million barrels. The group previously thought there were not commercial quantities of condensate at the field.

Texas-based Noble Energy leads the Aphrodite group with a 70 percent share.

[Reuters]