Cyprus Energy Minister Yiorgos Lakkotrypis said today that “Cyprus’ number one priority is to further deepen and expand exploration activities, in order to identify the natural gas resources that lie in the country’s exclusive economic zone.”
Addressing a Nicosia-based Summit organised by The Economist, Lakkotrypis referred to opportunities for further gas discoveries in the area, saying they amount to 2,000bcm (billion cubic metres). In comparison, “Europe consumed 430bcm last year,” he added.
The Energy Minister also referred to the Zhor reservoir discovery by ENI, off Egypt’s coast, noting that “it marked the potential and possibilities existing for Cyprus and the region.”
He also added that “Israel is launching another licensing round this month.”
