Cyprus Needs National Petroleum Company - Expert
Exploring for oil is even more important than for natural gas, said Economides, since there is an estimated three billion barrels of deep sea oil with an approximate return of 400 billion euros.
If the burgeoning oil and natural gas industry is properly developed, Cyprus could end up being the richest nation in the EU, said Economides.
Earlier this month, US company Noble Energy estimated that there is three to nine trillion cubic feet of natural gas in Block 12 where they are currently drilling for natural resources.
Drilling started on the offshore prospect that neighbours Israel’s Leviathan prospect at the end of September and the official results are expected once it’s concluded, early next month. This is good news for Cyprus’s struggling economy as just one Tcf can cover Cyprus's gas needs for 30 years.
To make and read comments, become a full member of your news community, click here.