Mammoth Cyprus Natural Gas Deposits

A natural gas deposit of 5 trillion to 8 trillion cubic feet has been located in an offshore Cyprus field, Cypriot President Demetris Christofias said on Wednesday.

This figure was based on what a government spokesman said was “a moderate estimate” by Noble Energy, a U.S. company that has just completed an exploratory drilling 165 km south of Cyprus.

The mean average of the gas deposits could be 7 trillion cubic feet, enough to cover Cyprus’s needs for almost 200 years, Christofias said at a televised press conference.

He said the gas deposit was 100 meters thick and covered an area of 103 square km at a depth of 5,861 meters.

Plans for exploiting the gas involve building a 185-km pipe jointly with Israel to convey both Cypriot and Israeli gas to the south shore of the eastern Mediterranean island and setting up a liquidation plant at an estimated cost of 10 billion euros (13 billion U.S. dollars).

Liquefied gas would eventually be sent to countries of the European Union (EU) which are keen on securing alternate sources of energy.

Christofias called the finding a “historic development” which would create conditions of prosperity for Cyprus and its entire population.

Gas exploration had been undertaken despite strong opposition by Turkey, which claimed that it violated the rights of Turkish Cypriots.

However, both the EU and the United States came out strongly in support of Cyprus and its rights to act within the scope of the United Nations Convention on the Law of the Sea.

The president also announced that following the confirmation of the gas deposit, energy companies would soon be invited to a second round of bidding for the lease of hydrocarbons exploratory drilling rights in its Exclusive Economic Zone.

Source: greekreporter.com

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  • Phoevos

    Let’s not forget to thank the Israelis for this. Turkey has absolutely nothing to say.

    This is strictly about European energy assets found in an EU country for the strict and absolute benefit of such EU country and the greater EU community.

    Anyone with any problems about this needs to apply to Brussels.

    • LonGreek

      Lets use the proceeds to build a credible Military Air Force. Like Larnaca Airport this could be used as a centre for excellence throughout the western world.

    • http://pulse.yahoo.com/_RHSNCCHMVRCXAIP5OWSWVODI4A Eitan

      Any “other” problems should be taken up with the Hellenic and Israeli Air Force.
      One may well guess that Turkey and its de facto Sultan, Erdo the Great, is having hysterics and no doubt further threats of dire consequences, whilst grappling with the French and possibly the US Congress over the 1915 Armenia genocide and now the latest massacre of some 35 Kurds by the TAF F16s.

      Eitan-Golan. Israel.

    • Stelio_

      Well…I don’t know about directing a “Thanks” to any one country, but it seems like an interesting partnership. One that has my guard up for shure.

      • Phoevos

        Stelio:

        We do owe the Israelis a lot of gratitude. Here is why:

        1. The Leviathan (Israel gas find) amd Aphrodite (Cyprus) are interconnected.
        2. When Cyprus sought to set its EEZ border with Egypt, an adjustments was needed over the common Israeli-Cyprus line which Israel (beeing a class A game theory player) quickly accomodated.
        3. With The Egyptian and Israeli EEZ borders set, Cyprus was in a position to begin exploiting.
        4.(and this is huge) Israel was the first to recognize, after Cyprus, the Greek EEZ in the East Med.
        5. Israel has both a technological and geostrategic lead in this part of the world. Without Israel’s drones and navy securing the Cypriot finds the job of guarding them would be really difficult on the Cypriot side.
        6. Finally, last but not least, the Erdogan nonsense has forced both Israel and Greece to secretly (not anymore) activate a mutual defence pact with enormous implications for now and in the future.

        Without Israel’s lead we will be nowhere today.

        • Stelio_

          I have my reasons to keep my guard up. We won’t go there. Business is business and that’s fine. However, if it involves selling out the faith or the people I’ll be against it.

          We’ll see what happens.

        • LonGreek

          I agree. Greeks have never followed Israel’s example of a people that stick together against overwhelming adversity, and Israel wins every time. Israel has helped us enormously in the eastern mediteranean by being a deterent to Turkey. Thank you Israel I hope we can return the favour-beyond oil,beyond natural interests. God Bless Israel forever.

  • Tyroneez

    Before emre and onur start bleeding on about not asking the Turkish Cypriots and sharing etc…
    The republic if Cyprus has always paid the pensions an benefits of all it’s citizens …
    To the government of fhe republic / all Cypriot citizens i’n the occupied north are treated as enclaved … And have full rights …
    But asking an illegal puppet regime for permission would be absurd …

  • Eric R.

    Does anybody know how much 7 trillion cubic feet is worth on the international market, in Euros or dollars?

    • Stelio_

      That depends on many factors, but I can come up with some rough figures…

      Wholesale price seems to have been hovering around $10 per 1,000 cubic feet (wholesale) and can vary greatly. Residential costs are at least 50%-300% more.

      So, lets see…Cyprus has between 5-8 trillion in this one particular field. Lets take the median of 6.5.
      6.5 trillion / 1000 = 6.5 billion. 6.5 billion x10…
      That’s a rough, $65 trillion worth. In my estimates, this figure can cut in half or almost double depending on what the true costs are to extract and refine.

      But hey, any money is good money in these times.

      • Stelio_

        P.S. These were figures in American Dollars.

      • Stelio_

        Seems my numbers are not adding up :)

    • Phoevos

      The estimate is roughly $100 bil. But it’s only the beginning.

  • Sikoseto

    When was the last time the occupiers in Northern Cyprus shared anything with the Republic of Cyprus, um never
    I find it amusing that now that Cyprus has found gas, the occupying regime in the North wants everything to be shared with them when for the last 37 years they were happy to be invaders and occupiers and go their separate way

  • Tyroneez

    Guys just one quick point
    Of course it’s because of isreali gaurantees that the drilling is now possible …
    But it’s not just altruism on behalf of isreal …
    They have every reason to help us / because the last thing they need is an unreliable turkey right next door to their leviathan field …
    In fact if Cyprus where ever to fall under Turkish control it would be a disaster for isreal ….they would be boxed i’n completely …isreal has no choice but to support Cyprus ligitimare rights / it’s own survival depends on it …
    a further benefit to all this , is that we can sleep and breath a little easier at last ….
    Because it’s obvious now that isreal has seen that even if they become close friends with turkey again … It has been shown to be unreliable once …and for isreal once is enough … the isrealis can never take any chances with their security …their position i’n the middle east is di precarious …
    My point is that Isreal and by extension America will never allow turkey to overrun Cyprus or even control Cyprus policy through any kind of Annan plan settlement…and further more this would be true even if no gas was found i’n Cypriot EEZ … Just the isreali exports require there to be an independent Cyprus providing a safe corridor westeards
    It looks to me that mr erdogan and his brilliant neo ottoman foreign minister mr davutoglou have blown it big time ..
    The isrealis will never trust turkey again …
    The were close with the shah … But look at their relations with Iran now …
    Isreal could make a lot of trouble for turkey and Iran … Via the Kurds …
    There is only room for one super power i’n this region and that is Isreal …
    If turkey isn’t careful it’s going to lose it’s Kurdish colony pretty soon … Never mind dreams of ottoman empires

  • Tyroneez

    Be under no Illusions / The over flight of Nicosia and the occupied north of Cyprus by isreali jets just over a month ago …
    Was isreals way if showing it means business ..
    It was a direct signal to Ankara to back off turkeys position i’n Cyprus , is all due to air superiority i’n the area …
    Isreal has shown with one simple jesture that the isreali airforce is boss i’n these parts …
    And turkeys paper tiger airforce , didn’t even dare to send up an interceptor …
    From that moment the Turkish threats were over …
    Yes we have a lot to be thankful for …
    Mainly we should thank mr erdogan , for getting carried away with himself after winning three elections went to his head …
    By upsetting the isrealis , he has pushed them to take sides against Turkish policy i’n the eastern med …
    Let’s hope he wins a few more elections and gets carried away even more

    • Phoevos

      Check this out, when you have a chance:

      http://www.youtube.com/watch?v=_Zm-WSHn9TU

    • LonGreek

      yes it would be tantamount to winning the lottery-thank you Israel we value your partnership.May it grow into true bonds of friendship and allegiance.

  • RebelJim

    Israel friends of Greeks?
    I wonder if Jews know what Greeks are thinking about Zionism.
    .
    Piraeus Seraphim said that international Zionism tries to destroy family values by promoting one-parent families and same-sex marriages, and said there is a Zionist conspiracy to enslave Greece and Christian Orthodoxy.
    The Metropolite also said that Hitler was just a tool used by Zionists in order to ensure the establishment of Israel.
    When the Greek host asked him, “Why do you disagree with Hitler’s politics? If they are doing all this, wasn’t he right in burning them?,” the Metropolite answered, “Adolf Hitler was an instrument of world Zionism and was financed from the renowned Rothschild family with the sole purpose of convincing the Jews to leave the shores of Europe and go to Israel to establish the new Empire.”
    He went on to say that Jews such as “Rockefeller, Rotchschild and Soros control the international banking system that controls globalization.”