The longer-term future of hydrocarbon development in Cyprus looks good, despite regional geopolitical challenges.
CyprusProfile.com asked Charles Ellinas, CEO of E-C Natural Hydrocarbons Company Ltd (e-CNHC) to describe the current situation with Cyprus’ energy sector and what his expectations are for 2021.
New discoveries and the plans for more drilling bode well, prospects for more discoveries are excellent and hopefully increasing gas reserves will bolster export viability, especially through a liquefaction plant at Vassilikos but also to regional markets. The longer-term future of hydrocarbon development in Cyprus looks good, despite regional geopolitical challenges. With unit costs continuing to drop, including those of storage batteries, the potential to expand development of renewables is strong and can bring Cyprus' high electricity costs and carbon emissions down.