Cyprus has launched round three in its bid to find undersea oil and gas in its Exclusive Economic Zone (EEZ), said Government Spokesman Nicos Christodoulides.

Hydrocarbons are the emerging sector in the regional economy after Cyprus, Israel and Egypt discovered large reserves. This has led to new and closer alliances between Cyprus, Greece and Israel.

In the most recent developments, President Nikos Anastasiades, Prime Minister Benjamin Netanyahu, and Prime Minister Alexis Tsipras agreed to strengthen cooperation in the fields of energy. The discovery of natural gas and oil in the region has given birth to the idea of an EastMed Pipeline to transport fossil fuels from here to Europe.