Cyprus will continue offshore gas search

The president of Cyprus, which faces Turkish opposition to its plans to explore for offshore gas, said on Monday the island would press ahead with the search and planned a new licensing round soon.
President Demetris Christofias on Monday visited a 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, which backs a breakaway Turkish Cypriot state in north Cyprus, has challenged the jurisdiction of Cyprus in searching for oil and gas.
It says any natural resources of Cyprus also belong to Turkish Cypriots, who do not participate in the island's internationally-recognised government.
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.