SPARKS HOPE FOR CYPRUS
Discovery of
New Gas Reserves
The discovery of new gas reserves
in the Mediterranean Island Cyprus
has opened up new prospects for the
country with regards to the economy
and trade of the island.
L
ocated in the Eastern Mediterranean,
Cyprus has been struggling to find
new ways of improving the economy
by opening up new and diverse em-
ployment methods along with trading with other
countries. The gas reserves are a new discovery
that will enable Cyprus to invite stakeholders
from other countries to buy and use the gas
reserves which is bound to bring an economic
boost to guaranteed profitable trade. It is a new
form of industry which is gaining attention and
investment from all over the world and makes
the country a prospective gas provider.
Offshore gas reserves have been found which
are estimated to be over 4trillion cubic feet, val-
ued more than $50 billion. Companies like Qa-
tar, Total, ExxonMobil and Eni acquired licenses
to extract oil and gas from these areas on the
southern coast of the island. This makes Cyprus
a potential energy provider for Europe which
would guarantee friendly ties between them and
less dependence on Russia for supplies. U.S
and European diplomats have shown interest
and have decided to get involved in this exciting
prospect that would resolve problems.
28
The President of Cyprus has been holding talks
with the goal of making the country better and
more united over energy issues. Israel and Egypt
are the top most countries that benefit from oil
and gas reserves from Cyprus. The energy crisis
of Cyprus, Europe and of other countries that
can benefit from the new-found reserves can be
resolved faster and in a more efficient way if the
matter is handled in a good way. Cyprus’ plans of
maintaining peace after years of civil war will be
boosted up due to this discovery. Employment
opportunities will open up for the people of
Cyprus and tourism will prevail along with trade
with other countries. A period of economic sta-
bility will greatly increase the future prospects of
the country and will resolve underlying issues.
More companies are flocking to the island to
explore more of the land and unearth hidden
treasures that could fulfil their demands. It has
also opened new ways of renewing energy and
using natural resources to create energy for
the residents of Cyprus and for the companies
which are profitable for both.
Meetings have been held among Turkey, Israel,
Cyprus and Greek Presidents to establish pipe-
lines that would transport gas from Israel and
Cyprus gas fields to other parts of the world by
taking a path through Greece. Along with fulfill-
ing Cyprus’ own domestic gas demand of years,
these reserves will bring great profit for the
people. The world has been facing an energy
crisis and this new discovery will help Cyprus
gain a better stand internationally.