By spring 2014 we will know whether there are oil reserves in block 12, Cyprus Minister of Energy, Commerce, Industry and Tourism Giorgos Lakkotrypis has said.
Speaking to CNA from Brussels, Lakkotripis was cautious on press reports that block 12, may carry oil reserves estimated between 1.2 and 1.4 billion barrels.
"The estimates on natural gas deposits are being gradually confirmed and consequently one could reasonably say the prospects for oil are good," he said. Noting that Noble carried out three dimensional seismic surveys in block 12 the findings of which are being analysed, Lakkkotrypis said the results will be known by spring of 2014. "Then we will have a more complete picture on the existence of oil but this will only be confirmed after a drilling will be carried out," he added.
Speaking to CNA from Brussels, Lakkotripis was cautious on press reports that block 12, may carry oil reserves estimated between 1.2 and 1.4 billion barrels.
"The estimates on natural gas deposits are being gradually confirmed and consequently one could reasonably say the prospects for oil are good," he said. Noting that Noble carried out three dimensional seismic surveys in block 12 the findings of which are being analysed, Lakkkotrypis said the results will be known by spring of 2014. "Then we will have a more complete picture on the existence of oil but this will only be confirmed after a drilling will be carried out," he added.
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