Cypriot authorities are in talks with major energy companies from Persian Gulf states over potential natural gas reserves off the Mediterranean country's southern coastline, President Nikos Christodoulides told an energy conference Friday.
NICOSIA, Cyprus — Energy companies from Persian Gulf states have expressed interest in searching for natural gas off the southern coast of Cyprus , President Nikos Christodoulides said Friday.
Speaking at an energy conference in Nicosia, he said Cypriot authorities are in early talks with several unidentified companies regarding exploration licenses for some of Cyprus’ 13 areas, or blocks, inside an exclusive economic zone.“We encourage the involvement of other companies as well, other energy giants,” Christodoulides said. “It’s a vote of confidence for the potential of Cyprus’ exclusive economic zone, but there are many other political and diplomatic dimensions.
Christodoulides said a development plan for one of the Eni-Total gas fields, which is estimated to hold 2.5 trillion cubic feet of gas, is expected to be completed “soon.”The 1,000 MW cable, which has received 657 million euros of funding from the European Union, aims to cut Cyprus’ electricity costs and end its energy isolation.
Christodoulides said EU backing for the project is in line with the bloc’s aim to achieve energy price parity in all member states by 2030.
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