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29.12.2011 10:49Cyprus Found 200 Bn Cubic Meters of Offshore Gas
Based on the exploratory drill by U.S. based Noble Energy the prospect, which lies south of the island, contains between 147 and 227 bn cub. m of gas, Cypriot President Demetris Christofias said in a statement
© Ken Lund@flickr.com
Cyprus said on Wednesday an offshore prospect where exploratory drilling is under way contains an estimated 200 billion cubic meters 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 between 147 and 227 bn cub. m 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, as quoted by Reuters.
"New favourable economic prospects have opened for the future of the country," Christofias added.
It was an auspicious end to a traumatic year for Cyprus which was hammered by ratings agencies for fiscal slippage, shut out of international capital markets and hit by a large munitions blast that destroyed its largest power station.
Its northern neighbour and old rival Turkey has challenged Cyprus's bid to search for hydrocarbons, saying the island has no jurisdiction. The island was split in a Turkish invasion in 1974 after a brief Greek inspired coup, and Ankara supports a breakaway state in northern Cyprus.
The island, which is run by an internationally recognized Greek Cypriot government, says estranged Turkish Cypriots can benefit from hydrocarbon finds in the context of a political settlement ending decades of division.
Turkey says it plans to conduct its own hydrocarbon surveys off Cyprus. When Noble started its exploratory drilling in September, it sent its own survey vessel to the area.
"We call upon Turkey to show a spirit of peace and reconciliation, (and to) avoid any adventurous acts and provocations which cause problems to (peace) talks and also tension in the Eastern Mediterranean," said Christofias.
Greek and Turkish Cypriot sides have been engaged in peace talks under United Nations auspices for decades. The latest round of talks began in 2008.
Turkish Cypriots reacted coolly to the announcement.
"In our view, the Greek Cypriots should be investing more in the negotiations, and not in things that cause further disputes," said Kudret Ozersay, chief aide to Turkish Cypriot leader Dervis Eroglu in peace talks.
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