Charles Davidson, chairman and chief executive officer at Noble Energy, said the latest find off the coast of Cyprus represents the fifth for its partners in the greater Levant basin.
"This latest discovery in Cyprus further highlights the quality and significance of this world-class basin," he said in a statement.
Noble drilled to a depth of more than 19,000 feet in water depths of around 5,540 feet. The company said the initial evaluation suggested the find has a gross mean reserve estimate of around 7 trillion cubic feet.
Turkey last month said it aims to sign a deal with supermajor Royal Dutch Shell to explore for natural gas in the eastern waters of the Mediterranean Sea.
The Turkish government had expressed frustration with Noble Energy to pursue similar natural gas activity off the Cyprus coast. Ankara had sent an exploration vessel to the region, which Turkish newspaper Today's Zaman reports raised the possibility of military confrontation in the region.
"We would like to thank the government of Cyprus for their productive cooperation and support in achieving an important outcome for the people of Cyprus and Noble Energy," added Davidson.