Noble Spuds First Cypriot Well Despite Turkish Opposition

摘要

BMI View: Noble’s Cypriot well marks the latest chapter in the dash for the East Mediterranean’s hydrocarbon resources. We see a high risk of retaliatory action from Turkey aimed at disrupting exploration in Cypriot waters, along the lines of Chinese moves against Vietnamese exploration in the South China Sea. Despite Turkish objections, US-based Noble Energy has spudded an exploration well at Block 12 offshore Cyprus, Reuters quoted a Cypriot deputy government spokesperson as confirming on September 20 2011. Cypriot officials and Noble have referred to the drilling location as the ‘Aphrodite field’ or ‘Cyprus A’, to which Cyprus has previously attached a reserve estimate of 280bcm of gas. Block 12 is located near Israel’s Tamar and Leviathan gas discoveries.