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Cyprus reliance on gas revenues.
Posted on: 4/28/2015 10:56:03 PM under General News
Cyprus is relying on gas revenues to lift an economy severely hit by the financial crisis. Neighboring Israel has made significant discoveries off its coast. The Leviathan and Tamar fields, estimated at 21 and 10 Tcf, will ensure the country's natural gas independence for decades and its entry into the export market. Domestic debates and a dispute between the partners in Israel's largest offshore fields and Israel's competition regulator, have delayed the completion of regional deals between Israel and its immediate neighbors.
Cyprus remains hopeful that future search activities may prove successful. Meanwhile, interrupted peace talks to reunify the ethnically split island are set to resume. The break in offshore activities could allow for some progress towards achieving a sustainable settlement for the island. Gas explorations had triggered renewed tensions between the Cypriot government and Turkey that led to the disruption of the talks in October last year. Turkey's argument that gas finds will not benefit Turkish Cypriots was refuted by Cypriot officials who maintained any gas discoveries will benefit all of Cyprus, both communities included. The year ahead will be decisive for Cyprus as it will reveal the island's natural gas potential as more exploration activities unfold.