Christofias: Cyprus will continue offshore gas search

 

PRESIDENT Demetris Christofias said the government would press ahead with the search for hydrocarbons in Cyprus’ exclusive economic zone and the next round of licensing round soon.

Christofias made the comments during today’s visit to Noble Energy’s Homer Ferrington gas drilling rig south of the Mediterranean island, a project that Turkey disputes. It was his first visit since U.S. concession partners Noble started an exploratory drill in September.

“My presence here underlines the sovereign rights of the Republic of Cyprus which we are determined to exercise,” Christofias said, according to a statement issued by the government press office.

Turkey has challenged the jurisdiction of Cyprus in searching for oil and gas.

It says any natural resources of Cyprus also belong to Turkish Cypriots..

The results of Noble’s exploratory drilling are expected in early to mid December. Based on pre-drill data, the prospect is estimated to contain 3 to 9 trillion cubic feet of gas.

“We hope for the best possible results soon,” said Christofias. “We will also announce a second hydrocarbons licensing round.”

A discovery would make Cyprus, which is heavily reliant on imports for power generation, self sufficient in gas. Local officials estimate that annual needs of the Mediterranean island, with a population of just under 1 million people, do not exceed 1 billion cubic metres per year.

Cyprus launched its first licensing round in 2007.

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.