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Natural gas reserves in Cyprus estimated at 39 tcf

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08-10-2013

Natural gas reserves in Cyprus estimated at 39 tcf

Natural gas reserves in the six licensed blocks of Cyprus’ Exclusive Economic Zone are estimated to exceed 1.1 trillion cubic meters (38.9 trillion cubic feet) according to Cyprus` Hydrocarbon State Company (KRETYK) Chairman Charalambos Ellinas. In an article published in the Oxford Energy Forum, Quarterly Journal for Debating Energy Issues and Policies, Ellinas stresses, inter alia, that the advantageous geographic location of Cyprus – at the crossroads of major international energy routes to Europe and the Far East through the Suez Canal – makes the island a natural regional energy hub in the East Mediterranean and the natural location to develop a liquefied natural gas (LNG) plant. He said that with the timely establishment of an LNG plant, Israel and Lebanon should also be able to bring their gas to Cyprus for liquefaction, making it possible to create a world class LNG hub at Vasilikos. By 2025, he notes, Cyprus could be in a position to export 25 million tonnes LNG (35 bcm) per year, starting with 5 million tonnes (7 bcm) by 2020. This could rise to 35 million tonnes (50 bcm) per year if Vasilikos becomes an LNG hub for the region.
 

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