Cyprus at forefront of natural gas development in the region, says President

In an address at an Eastern Mediterranean Gas Conference in Nicosia, on Tuesday, read on his behalf by Minister of Agriculture, Natural Resources and Environment Nicos Kouyialis, President Anastasiades underlined the government’s commitment to proceed “with the planning of the energy infrastructure required for the exploitation of domestic natural gas reserves, such as the construction of a subsea gas pipeline for the transfer of natural gas to Cyprus and the creation of a liquefaction terminal for exportation purposes”.

Undoubtedly, he pointed out, “development and production measures in Cyprus, an EU member, will greatly contribute to efforts to establish secure natural gas resources and energy corridors from the Eastern Mediterranean to the EU and beyond”.

“Once Cyprus establishes successful operations in the region, such progress is expected to spark additional oil and gas exploration and production across the wider region,” he noted.

Referring to energy developments in general, he said they “require decisive actions by both governments and the industry”.

“The significant amounts of natural gas discovered in our region confirm that it constitutes a crucial global energy source and we are confident that Cyprus, due to its strategic position and the actions taken on all levels, has a determining role to play in setting up the new energy sector of the Eastern Mediterranean”, he added.

Exploratory drilling conducted by Huston-based Noble Energy in Block 12 of Cyprus’ EEZ has revealed a gross natural gas reserve from 3 to 9 trillion cubic feet (tcf) with a 60% probability of geologic success. Noble is expected to extract and transfer to Cyprus natural gas by late 2018.