Noble Energy Inc. (NYSE: NBL) is due to begin exploratory drilling in Cyprus's offshore Block 12 in September, Cypriot Minister of Commerce, Industry and Tourism Antonis Paschalides announced today. On Friday, the Cypriot cabinet granted the company permission to drill in Cypriot waters and use the company's rig currently in Israel, which should become available in August.
Noble Energy has exploratory rights to Block 12, located in Cyprus's economic zone, just over the border from Israel's Leviathan structure. Noble Energy obtained the license in 2007, the only license Cyprus has issued to date. Block 12 is estimated to have 10 trillion cubic feet of natural gas, compared with 16 trillion cubic feet at Leviathan and 8.5 trillion cubic feet at Tamar. Noble Energy is a partner in both Tamar and Leviathan.
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