Tags: APFN | EU | Cyprus | Drilling

Cyprus Says Small Gas Deposit Found but Hopeful of More

Tuesday, 12 September 2017 04:51 AM

NICOSIA, Cyprus (AP) — Cyprus' energy minister says exploratory drilling off the island's southern coast has discovered a small gas deposit that contains "less than" 0.5 trillion cubic feet of the hydrocarbon, not enough to make it commercially viable.

But Yiorgos Lakkotrypis said Tuesday the fact that gas was discovered in an area whose geological make-up is similar to that off Egypt where a huge discovery was made recently offers "encouraging signs" that more could be found.

Drilling was conducted by a consortium made up of French energy company Total and Italy's Eni. Other major hydrocarbons companies including ExxonMobil are also licensed to carry out exploratory drilling in eight areas south of Cyprus.

In earlier drilling, Texas-based Noble Energy discovered a field off Cyprus estimated to contain over 4 trillion cubic feet in reserves.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Europe
Cyprus' energy minister says exploratory drilling off the island's southern coast has discovered a small gas deposit that contains "less than" 0.5 trillion cubic feet of the hydrocarbon, not enough to make it commercially viable.But Yiorgos Lakkotrypis said Tuesday the fact...
APFN,EU,Cyprus,Drilling
133
2017-51-12
Tuesday, 12 September 2017 04:51 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved