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Cyprus

Gas discovery puts Cyprus on the map, president says

The natural gas discovery in an offshore field inside the island exclusive economic zone (EEZ) has put Cyprus on the map with strong footholds, President Nicos Anastasiades said on Friday.

“We need to be serious,” he told reporters following a national council meeting. “It is, of course, a joyful event that puts Cyprus on the map with strong footholds.”

His comments came a day after ExxonMobil announced a gas find estimated between 5-8 trillion cubic feet in an offshore field known as Glafcos.

He expressed hope that even better developments would come in the future and assured that the government cared about the welfare of all the citizens of the Republic of Cyprus.

The 5-8 tcf range cited by Exxon signifies there’s a 75 per cent probability for the gas to be on the lower end, 25 per cent on the higher end.

Moreover, the 5-8 tcf cited does not specify whether these are recoverable quantities.

But it would still make it the largest find to date in Cyprus’ EEZ.

The Aphrodite field holds 4 to 4.5 tcf, while Calypso in Block 6 is believed to hold 3 to 4 tcf, according to industry chatter.

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