Oil and gas in Cyprus
The progression of the natural gas sector on the island of Cyprus continues. It is obviously not surprising that the recent discovery of oil and gas within the island’s Exclusive Economic Zone has drawn international attention to Cyprus from foreign investors and simultaneously has filled the locals with optimism for the future. The development of the natural gas found in Cyprus is now considered as vital for the island’s economy and national security.
It is significant to note that at present, already six licences and Production Sharing Contracts have been approved and granted. The first was granted to Noble Energy in October 2008, who is responsible for Block 12. According to Noble Energy recent reports, an estimated resource range of 3.6 to 6 Trillion Cubic Feet (TCF) of natural gas is estimated to be found.
The government of Cyprus is content to announce that further licences have been granted to notable and expert companies from all over the world.The Government is continuing its discussions and negotiations concerning the infrastructure required for landing the gas in Cyprus and liquefaction for export it to other countries.
The government of Cyprus is certain that the natural gas field will successfully evolve and thrive in Cyprus, which in time will be incredibly beneficial for the island in terms of prosperity and standard of living.