Any potential new gas finds in waters off Cyprus will determine whether the government will move forward with the strategic goal of building a land-based plant to process gas for export abroad.
Speaking to reporters at a news conference on Monday, President Nicos Anastasiades said that results from an ongoing gas search, in combination with a third offshore oil and gas search licensing round, will decide whether the government will proceed with building the plant that would turn Cyprus into a regional energy hub.
Earlier exploratory drilling found one field off Cyprus’ southern coast holding an estimated four trillion cubic feet of gas if not more. But this isn’t enough to justify making such a massive investment for the construction of such a plant.
However, following a massive discovery recently off neighbouring Egypt, hopes have been raised that more gas could be found in Cypriot waters.