Cyprus can supply Europe with natural gas

“The finding of natural gas resources in Cyprus’ Exclusive Economic Zones creates the prospect of shaping a new route of supplying Europe with energy,” Sylikiotis said, speaking after a meeting with opposition Democratic Rally leader Nicos Anastasiades.

In addition, Sylikiotis stressed that the finding of natural gas resources creates hopes for the people and the country of Cyprus. He pointed out that the political leadership of Cyprus, through collective efforts, should turn these hopes into a specific outcome.

Sylikiotis briefed Anastasiades on the latest developments in issues related with energy. Specifically, he briefed him on the developments regarding natural gas, the discussion that is taking place with Noble Energy, the efforts to bring natural gas to the island the soonest possible in order to reduce the cost of producing electricity, and the second licensing round.

He also assured Anastasiades that the discussion with the political parties of Cyprus on issues related with energy will be continued.

“What is happening today, in respect to natural gas issues, concerns not only the present generations, but much more, the future generations,” he concluded.

In December 2011, President Demetris Christofias announced that the results of the exploratory drilling in Cyprus' block 12 were positive, describing the discovery of hydrocarbons as historic for the island.

US company Noble Energy, which carried out the drilling, discovered 310 feet of net natural gas pay. The drilling reached a depth of 19,225 feet in water depth of about 5,540 feet.

The initial data that emerged from the exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf.