NICOSIA, Cyprus (AP) — Noble Energy says it has begun drilling to determine the size of a gas field off Cyprus’ southern coast.
The Houston-based company said Friday that it will take three months to drill to a depth of 5,600 meters (18,372 feet) below sea level and another 2-3 months to assess the data which will help map out the next stages of the field’s development.
The field is estimated to 5-8 trillion cubic feet (140-230 billion cubic meters) of gas.
Bailed-out Cyprus is looking to its offshore gas reserves to help it pull out of its worst economic crisis in decades.
Cypriot authorities say confirmation of the field’s size will help attract investors for a planned gas processing plant that will meet domestic energy needs and export excess supply.