Cyprus finds huge gas reserves

Country is optimistic that natural gas could provide wealth

Cyprus has discovered huge gas reserves.
Cyprus has discovered huge gas reserves.

Cypriot President Nicos Anastaisades has announced that the country has found reserves of 5.5tcf of natural gas, enough to supply Europe with gas for over two years.

Anastaisades told CNN Marketplace Middle East that Nobel, who managed the first gas volume explorations, will continue its exploration, and in August, ENI will begin drilling its own concessions.

“The prospects are quiet encouraging… we are trying to pass on to the people [of Cyprus] that when we’re talking about energy we’re talking about [wealth for] the future generations not for the present only,” he said.

European states have become wary of heavy dependence on Russian energy since Moscow's annexation of Ukraine's Black Sea Crimea peninsula last month. Russia provides around one third of the European Union's oil and gas, according to Reuters.

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