Besides the obvious positive economic impact, Noble Energy's offshore Cyprus gas discovery could also have a unifying social impact.

Cyprus' Greek- and Turkish-speaking communities have been divided since Turkey invaded the north part of the island in 1974. When Noble began exploration drilling in 2011, Turkey, which doesn't recognize the Cypriot government, sent warships to the area. According to

Bloomberg Businessweek, Turkey urged Cyprus to freeze oil exploration until a settlement is reached, so that the Turkish Cypriot community could benefit from revenues. Bloomberg also reported that the Cyprus minister for commerce, industry and tourism said Cyprus "will benefit Greek and Turkish Cypriots because reunification will be achieved before the fuel is shipped."

The find in offshore Block 12 is estimated to hold between 5- and 8 trillion cubic feet of gas, enough to supply the largest island in the Mediterranean for 30 years, according to the country's president.

The government announced a second oil and gas licensing round on November 23, covering 12 of 13 blocks, and will invite expressions of interest in early 2012.

The nation is seeking to export liquefied natural gas to western Europe as demand for the cleaner-burning fuel grows and the region strives to cut its reliance on Russian supply.

—Larry Prado

1 Canada

Crocotta Energy Inc. has completed a horizontal Montney well in the Dawson area of northeast British Columbia, Canada. During a production test, the well flowed more than 15 million cu. ft. per day. The Calgary-based company reported that the well was flowing at a restricted rate of 11 million cu. ft. per day at the end of a seven-day test period. Based on gas analysis and the production test, Crocotta estimates that recoverable liquids will be approximately 20 bbl. per million cu. ft. Crocotta estimates an average volume of 55- to 60 billion cu. ft. per section of original gas in place on its lands.

2 Brazil

According to Oil and Gas International, HRT Participacoes em Petroleo of Rio de Janeiro completed a drillstem test on #1-HRT-4-AM, in Block SOL-T-194 of onshore Brazil's Solimoes Basin. The test confirmed gas and condensate in an eight-meter net-pay reservoir in Jurua. According to the company, the results indicate a production potential of 8.8 million cu. ft. per day of gas and 300 bbl. per day of 65-degree-API condensate. HRT plans to test an updip appraisal well on the same structure and further evaluate its commercial potential, which is estimated to be as much as 27 million cu. ft. of gas and 1,000 bbl. per day of condensate through the directional well. The #1-HRT-4-AM was drilled to 2,806 meters. Operator HRT has a 100% interest in the block.

3 Argentina

In Argentina's Mendoza Province, Repsol-YPF reported a significant conventional oil find. The unnamed wells are in the Chachahuen Block in Neuquen Basin and the company estimates that the reservoir contains at least 40 million bbl. of recoverable resources. Two of three exploration wells were drilled to depths of 1,000 to 1,500 meters to Rayoso and testing showed a production potential of 500 bbl. per day of 24-degree-gravity API oil. Testing at the third well is under way. YPF plans to drill another five wells southeast of the discovery area to assess the reservoir's size and will later drill up to 28 additional exploration and development wells. Repsol-YPF, based in Buenos Aires, operates the block and the discovery wells with 100% interest.

4 Brazil

In Block BM-S-57, OGX Petroleo e Gas Participacoes reported a large hydrocarbon column in a Santos Basin exploration well offshore Brazil. According to the Rio de Janeiro-based company, #1-OGX-63-SPS (Fortaleza) found hydrocarbons in the Albian and Aptian sections. The hydrocarbon column was approximately 1,000 meters in Albian reservoirs with about 110 meters of net pay. Additional drilling and testing is planned. OGX is the operator of Block BM-S-57 and the discovery well with 100% interest.

5 Norway

South of the Gullfaks area in the North Sea Tampen area, Statoil reports that the Skinfaks South exploration well in Block 33/12, #33/12-9S, has an estimated volume between 1.9 and 6.9 million bbl. of oil equivalent. Light oil has been confirmed in Middle Jurassic reservoir rocks (Brent group) plus an 80-meter column in good-quality reservoir rocks. Skinfaks South is directly west of Gullfaks Field. The discovery is in 135 meters of water and was drilled to a vertical depth of 3,722 meters and hit pay in Middle Jurassic Drake. Licensees are Stavanger-based Statoil (operator) (70%) and Petoro AS (30%).

6 Netherlands

In northern Netherlands, partners Royal Dutch Shell and ExxonMobil have discovered a major new gas field in Fries-land, the largest gas find in the country since 1995. The #1 Metslawier-zuid was drilled to 3,900 meters and has an estimated reserve of approximately 141 billion cu. ft. of gas. The partners plan to begin production in the summer of 2012. The Royal Dutch Shell/ExxonMobil partners are the operators with 60% interest; Energie Beheer Nederland holds the remaining 40%.

7 Norway

In the Norwegian section of the Barents Sea, Statoil has reported a significant oil field discovery with an exploration well drilled on the Havis Prospect. The discovery is in Block 7220/7 and is in the same license area as Skrugard Field (PL532).The discovery well was drilled to 2,200 meters in 365 meters of water. According to the Stavanger-based company, the well has proven a 48-meter gas column and a 128-meter oil column. Statoil estimated the Havis recoverable vol umes to be 200- to 300 million bbl. of oil equivalent.

8 Cyprus

Houston-based Noble Energy Inc. has made a gas discovery at the Cyprus Block 12 prospect. The #1-A Cyprus well encountered approximately 310 feet of net gas pay in multiple high-quality Miocene sand intervals. The discovery well was drilled to 19,225 ft. in about 5,540 ft. of water. Drilling, formation logs and initial evaluation results indicate an estimated gross resource range of 5- to 8 trillion cu. ft. with a gross mean of 7 trillion cu. ft. The Cyprus Block 12 Field covers approximately 40 square miles and will require additional appraisal drilling prior to development. Noble Energy operates the well with a 70% working interest and partners Delek Drilling and Avner Oil Exploration each hold 15%.

9 Israel

Noble Energy is resuming drilling operations on #1-Leviathan, offshore Israel. The company suspended operations in April 2011 to repair casing wear issues in the wellbore. Noble increased its estimate of recoverable gas reserves at Leviathan in December 2011 after completing the appraisal well #3-Leviathan, putting the top potential volume in the field at about 17 trillion cu. ft. Noble is the operator of the Rachel Block and the Leviathan wells with 40% interest in partnership with Delek Energy, Isramco Negev, and Dor Gas Exploration.

10 Angola

In Angola's pre-salt Kwanza Basin, Sonnagol has announced results from its exploration well, #1-Azul, in Block 23. The deepwater test was drilled in 923 meters of water to 5,334 meters. A preliminary interpretation of the data indicated a potential flow capacity of more than 3,000 bbl. of oil a day. Well conditions prevented a flow capacity assessment by conventional testing. Three exploration wells are planned for 2012 and 2013 for Blocks 8 and 23. Sonangol EP, based in Luanda, Angola, is the block concessionaire. Maersk Oil is operator of Block 23 with a 50% working interest, with partners Svenska (30%) and Sonangol P&P (20%).

11 Mozambique

Anadarko Petroleum Corp. reported that its #2-Lagosta appraisal well has encountered 777 total net ft. of gas pay in multiple zones. The company now estimates that the recoverable resource is 15- to 30 trillion cu. ft. of gas. The well was drilled to approximately 14,223 ft. in 4,813 ft. of water in the Offshore Area 1 of the Rovuma Basin. According to Oil and Gas International, the partnership plans to preserve #2-Lagosta for future use during drillstem testing in the Windjammer, Barquentine, and Lagosta complex. Anadarko, based in The Woodlands, Texas, is the operator of Offshore Area 1 with a 36.5% working interest. Partners include Mitsui E&P Mozambique Area 1 (20%), BPRL Ventures Mozambique (10%), Videocon Mozambique Rovuma 1 (10%), and Cove Energy Mozambique Ro - vuma Offshore (8.5%). Empresa Nacional de Hidrocarbonetos EP's 15% interest is carried through the exploration phase.

12 Pakistan

Hydrocarbons were reported at exploratory well #1-x Zin in Balochistan, Pakistan. The Mumbai-based Oil & Gas Development Co. Ltd. (OGDCL) well was drilled to 2,300 meters to Cretaceous targets in Pub sandstone and Sui main limestone. The well flowed 5.48 million cu. ft. of gas at 400 Btu per million cu. ft. The company plans to drill to deeper formations and will later evaluate reserve assessment and development. OGDCL holds a 95% working interest in the Zin Exploration License and the remaining 5% is held by its joint venture partner, Government Holdings Private Ltd.