Consortium declares Cyprus gas find commercially viable

Cyprus announced on 7 June 2015 that offshore reserves in its Aphrodite gas field had been pronounced commercially exploitable, the first such development in four years of energy exploration.

The announcement comes after Italian-South Korean energy consortium Eni-Kogas said in March 2015 it had failed to discover any exploitable gas reserves in deep-sea drilling off the Mediterranean island. In January 2015, French energy giant Total said it had failed to locate any targets to test-drill in the blocks it is licensed to exploit.

Cyprus's search for energy caused friction with Turkey, which does not recognise the island's Economic Exclusive Zone (EEZ) and wants to see the process put on hold until there is a settlement of the island's decades-old division.

ESO: Background information: MEPs call on Turkey to stop provocations in Cyprus’ exclusive economic zone http://www.europeansources.info/record/press-release-meps-call-on-turkey-to-stop-provocations-in-cyprus-exclusive-economic-zone/

Haaretz, 08.06.15: Noble, Delek say Cyprus gas field is commercially viable, plan exports to Egypt http://www.haaretz.com/business/1.660096

Hürriyet Daily News, 07.06.15: Consortium declares Greek Cyprus gas find commercially viable http://www.hurriyetdailynews.com/consortium-declares-greek-cyprus-gas-find-commercially-viable-.aspx?pageID=238&nID=83591&NewsCatID=348

Cyprus Mail, 07.06.15: “Aphrodite” gas field declared commercial http://cyprus-mail.com/2015/06/07/aphrodite-gas-field-declared-commercial/

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