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Cyprus gas field smaller than initial estimate

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October 3, 2013 09:14 AM EST | AP


NICOSIA, Cyprus — NICOSIA, Cyprus (AP) — Cyprus' energy minister says that a gas field off the country's southern coast contains between 3.6 and 5 trillion cubic feet (0.1-0.14 trillion cubic meters) of natural gas, noticeably less than an earlier estimate.

But Yiorgos Lakkotrypis says that the bailed-out country's plans to build a gas processing facility to export excess supply remains on track amid good prospects of future gas finds inside Cypriot waters.

Lakkotrypis said Thursday a second appraisal well to specify gas quantities in the field will be needed which may cause delays in building the processing facility, but authorities are striving to avoid that.

A 2011 estimate put the size of the field — being developed by U.S. firm Noble Energy Inc. and its Israeli partners Delek and Avner — at 5-8 trillion cubic feet.