Τhe government of Cyprus aims at turning the country into a regional energy centre that will gather, process, transport or transit resources from the area to international markets, Commerce, Industry and Tourism Minister, Neoclis Sylikiotis has said.
In a speech at the Investment Energy Summit, entitled “Greece, Cyprus, Israel: Redesigning the European energy map“, organised by The Economist in Athens, Sylikiotis said that conditions are now such that the coastal area of the Eastern Mediterranean is turning into an area of common borders and interests for all.
In his speech, Sylikiotis referred to energy issues, noting that Cyprus has exercised its sovereign rights according to the Law of the Sea Convention, and made agreements to delimitate its Exclusive Economic Zone with Egypt in 2003 and in 2007, with Lebanon in 2010 and with Israel recently.
Referring to developments in Cyprus, since the start of exploratory work in block 12, Sylikiotis said that “undoubtedly the results of the exploratory drilling, as announced last December, confirming the existence of large amounts of natural gas within Cyprus’ EEZ, create new prospects and a new dynamic as far as Cyprus’ role is concerned in the wider political and energy field in the Eastern Mediterranean”. At the same time, he added, “it signals positive prospects and long-term economic development, following the attraction of new investment in the various fields of our economy”.
In December 2011 Cyprus President Demetris Christofias announced that the results of the exploratory drilling in Cyprus` block 12 are positive, describing the discovery of hydrocarbons as historic for the island.