Energy: Cyprus announces major natural gas find off-shore
A field with an estimated 140-230 billion cubic meters
Sunday, 1 January 2012
(ANSAmed) - NICOSIA, DECEMBER 29 - A submarine field off Cyprus where US firm Noble Energy is conducting exploratory drilling holds an estimated 140-230 billion cubic meters of natural gas, a significant find for the small island, the country's president Demetris Christofias announced Wednesday.
Christofias said the offshore discovery puts Greek Cyprus on Europe's energy map and is attracting the interest of many foreign investors. But it could also risk heightening tensions with rival Turkey, which doesn't recognize the Republic of Cyprus as a sovereign state. It's the first time the size of the deposit has been estimated based on actual drilling results. The site is some 185 kilometers south of the east Mediterranean island near a huge Israeli gas field (the Leviatan) estimated at 480 billion cubic meters. The island of Cyprus was split into an internationally recognized Greek Cypriot south and a Turkish Cypriot north - recognized only by Ankara - since 1974 when Turkey intervention after an abortive coup by supporters of a union with Greece. Turkey opposes any energy search by Greek Cypriots on grounds that it could undermine the rights of Turkish Cypriots to oil and gas wealth. Under strain from Europe's financial crisis, Greek Cypriot officials see the gas find as a potential boost to the island's 18 billion euro economy, which is forecast to grow by a meager 0.2% of gross domestic product next year.
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