Monday, May. 21, 2012 |
Cyprus strikes gas at first attempt offshore
Page last updated at 08:45 GMT, Wednesday, December 28, 2011 - 13:45 EST
Reuters UK:
Cyprus President says find will benefit economy
Cyprus said on Wednesday an offshore prospect where exploratory drilling is under way contains an estimated 5 to 8 trillion cubic feet (tcf) of natural gas, a first for the island which could make it self sufficient in the commodity for decades.
Based on the exploratory drill by U.S. based Noble Energy the prospect, which lies south of the island, contains a gross mean of 7 tcf of gas, Cypriot President Demetris Christofias said in a statement.
"The discovery of natural gas in the exclusive economic zone of our country opens great potential for Cyprus and its people, which with prudence and in a spirit of collectiveness we will utilize in the service of public interest," Christofias said.
"New favourable economic prospects have opened for the future of the country," Christofias added.
Read the whole story: Reuters UK
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