Cyprus & World News

Crude oil: “We will have a clear picture by spring 2014”

17 December, 2013

By spring 2014 will we will know whether there are oil reserves in block 12, Cyprus Minister of Energy, Commerce, Industry and Tourism Giorgos Lakkotrypis said in Brussels.
"The estimates on natural gas deposits are being gradually confirmed and consequently one could reasonably say the prospects for oil are good," he said.
Noting that Noble carried out three dimensional (3D) seismic surveys in block 12 the findings of which are being analysed, Lakkotrypis said the results will be known by spring of 2014.
"Then we will have a more complete picture on the existence of oil but this will only be confirmed after a drilling will be carried out," he added.