Cyprus Drilling Success May Offer EU Gas Alternative to Russia
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Cyprus said success drilling in deep waters off the eastern Mediterranean island this year may offer Europe a way to loosen Russia’s grip on its energy supplies.
Cyprus, which has proven reserves of as much as 6 trillion cubic feet of natural gas, is looking to find another 4 trillion to 5 trillion cubic feet, Energy Minister George Lakkotrypis said. Such a discovery, about a quarter the size of Israel’s giant Leviathan find, would allow the country to proceed with plans for a liquefied natural gas terminal.