Cyprus Mail
Business

Delek looks forward to accelerating hydrocarbons discovery process

Delek Drilling Chairman and CEO for Avner Gydeon Tadmor said on Monday he was is looking forward to accelerating the process of developing hydrocarbon reserves found within Cyprus’ Exclusive Economic Zone (EEZ).

In a short statement to the press after he and Delek Group head Yitzhak Tshuva were received by President Nicos Anasatasiades in the presence of Energy Minister Yiorgos Lakkotrypis, Tadmor expressed his satisfaction with the meeting and the hope for “a long lasting cooperation between our company, the state of Israel and the state of Cyprus”.

“We just started to drill Aphrodite 2, the second appraisal well of our discovery and we are looking forward to accelerate the process of developing this discovery for the benefit of the people of Cyprus and for the benefit of our shareholders”, he said.

He further expressed his company’s satisfaction with investing in the energy sector of Cyprus “for the benefit of all”.

On Friday, Noble began drilling at the A-2 appraisal well location in Block 12, which will take 60 to 90 days. In 2011 Noble announced that exploratory drilling in block 12`s A-1 well revealed an estimated resource of 5 trillion cubic feet (tcf) to 8 tcf, with a mean of 7 tcf.

Noble Energy operates Block 12 with a 70 percent working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent.

Apart from Noble Energy, the Republic of Cyprus has also signed contracts with the ENI/KOGAS consortium for hydrocarbons exploration in blocks 2, 3 and 9, as well as with French TOTAL for blocks 10 and 11 in its Exclusive Economic Zone.

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