Lillikas positive about potential oil/gas finds

Minister of Commerce, Industry and Tourism George Lillikas told a press conference on Monday that there are possibilities of finding hydrocarbon deposits in the southeastern Mediterranean, according to the results of research in Egypt.

Indications regarding hydrocarbon deposits in the sea area south of Cyprus are positive and the Cypriot government is proceeding with the utmost secrecy.

Last week the seismic exploration company Petroleum Geo Services announced that it had signed a seismic survey deal with Cyprus.

However, citing a report in the oil journal Middle East Economic Survey (MEES), the Cyprus Mail reported on Saturday that the surveys had already been undertaken, but had been kept secret in order to avoid potential problems with Turkey.

Lillikas said that the Eastern Mediterranean would become an important centre for international oil companies in the future and that in five to ten years gigantic steps were expected in the area on a research level.

“We do not want to raise premature and high hopes among the people. What we can say at this point is that the first messages we received are positive and encouraging,” he said.