The Eastern Mediterranean is on the road to becoming a major hub for hydrocarbon production, according to John Tomich, Cyprus Country Manager of energy giant Noble.
Addressing the Eastern Mediterranean Gas Conference held in Nicosia yesterday, Tomich referred to the significant potential of the region, expressing that further exploration of its hydrocarbon reserves must be coordinated so as to more effectively evaluate the commercial opportunities that may be present.
“There is still much exploration to be done before the full potential of the Eastern Mediterranean is known, but we are off to a very good start with the major gas discoveries that have been made offshore Israel and Cyprus,” Tomich noted.
Though the Eastern Mediterranean has a bright future in the field of energy, the deep water Levant basin is still very young as a hydrocarbon province, he continued to explain, with significant exploration activity having begun a mere six years ago. “Most basins take decades to be explored and there is no expectation that the Levant will be any different,” he said.
However, Noble is committed to continuing the exploration of the region’s “substantial acreage” in search of further reservoirs, as strong evidence exists of an oil-prone hydrocarbon system. “We believe there is great untapped potential,” he affirmed.
Following four years of exploration in block 12 of Cyprus’ Exclusive Economic Zone, Texas-based Noble Energy is expected to submit its development strategy for the gas field, which holds a gross reserve of some 4.50 trillion cubic feet.