According to a report of ‘Fileleftheros’ newspaper, there are 1.2 to 1.4 billion barrels of oil in Block 12 at a depth of 24,600 ft and the oil value of Cyprus’s share is estimated at 60 billion Euros.
Recent surveys of companies that manage the oil, like Noble, Delek and Avner, brought to light the rich oil fields of Block 12. The surveys are completed in April, but the result is not expected to change dramatically.
The oil extraction is not time-consuming and it does not cost, in relation to the extraction of natural gas, and profits can be directly.
Noble informed the President of the Republic on the evidence so far, while is expected for the US Government to be updated.
Solon Kasinis during his speech confirmed the above by saying “So things are. Results will be exploited by other companies as well that have a direct connection with Block 12”.
Mr. Kasinis stressed that “The process can be done within two years. There is no need for tubings and liquified gases.”
At the same time, he highlighted that “processes are not affected in any way by the mining of natural gas.”
