Τhe discovery of energy reserves in Cyprus’ Exclusive Economic Zone is both a promising feature but also holds great risks and must be managed carefully and with wisdom, Minister of Foreign Affairs Erato Kozakou Marcoullis said, adding that energy can serve the reunification of Cyprus.
Speaking on Wednesday at the London School of Economics on the geostrategic importance of Cyprus, Marcoullis said the Republic of Cyprus is keen on moving forward with energy issues, by adhering to the principles of international law.
The Minister underlined that the recent discovery of rich hydrocarbon deposits off the Cypriot shores and within part of the country’s Exclusive Economic Zone, “will have an historic impact on Cyprus”.
The scale of the findings by US company “Noble Energy”, she noted, is conservatively estimated at between 5-7 Tcf of natural gas, adding that these are the results from a single plot and from an initial search.
“Cyprus has approximately 100 billion euros worth of natural gas recoverable from this single plot, that can satisfy the electricity production needs of the country for 210 years,” she said.