The natural gas resources on Aphrodite field in the exceptional economic zone of the Republic of Cyprus are confirmed between 3.6 to 6 trillion cub. feet or in average 5 trillion cub. feet (approximately 142 billion cub.m.), US Noble Energy company, which has been looking for oil and gas resources on the 12th bloc of the Cypriot economic zone in the Mediterranean Sea, reported today.
The report has been made after the first test of the well, which started in September, to determine pressure, quality and productivity of the well. Noble Energy discovered gas on the 12th bloc, which was named Aphrodite, at the end of 2011 and it evaluated the resources between 5 and 8 trillion cub. feet. Therefore, the result of the evaluation drilling announced yesterday appeared to be below the initial evaluation.
The government of Cyprus and Noble Energy have been conducting consultations concerning drilling of the second evaluation well to specify gas resources on the field. He also reminded that Aphrodite is located on one of the 13th bloc of the Cypriot economic zone. In early 2013 the authorities of Cyprus have concluded contracts with the Italian Eni energy giant and South Korean KOGAS company for the right to explore oil and gas resources on the 2nd, 3rd and 9th blocs of the shelf and with French Total on 10th and 11th blocs.
According to the experts’ estimates, the shelf of the exceptional economic zone of Cyprus, which occupies the area of 51,000 sq.km., could contain approximately 1.7 trillion cub.m. of natural gas, which is enough to satisfy demand of Cyprus in energy for decades and to export gas to Europe and Asia, reported http://www.biatss.ru.--0--
Economics
-
On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
-
Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
-
Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
-
While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
Leave a review