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Cyprus: From exploration to gas exploitation

Cyprus is moving for the first time from the exploration to the exploitation phase of its natural resources, Minister of Energy, Commerce, Industry and Tourism George Lakkotrypis has said, noting at the same time that this development can transform the country into a regional energy-producing player.

In his address at the Cyprus-Russia Business & Investment Forum, the Minister said that “today’s forum takes place at a turning point concerning both the new era that the Cyprus economy is entering, as well as the deepening of the cooperation between the governments of the two countries.

The Minister said that the Cypriot economy is now on the road towards full recovery, adding that Cyprus has been able to return to the international markets far earlier than anyone had predicted.

He noted that leading spreads reported huge decrease, as the yield on the government 10-year bond reached yesterday 4-year record low at 3.95%, having peaked two years ago at 16.4%.

He said that tourism, shipping and professional services have proved to be the economy’s most resilient sectors, outperforming predictions. The number of registration of new companies has been steadily increasing pointing towards the road of recovery.

The Minister noted that today’s Cyprus-Russia Business and Investment Forum takes place at a critical moment for the Cyprus hydrocarbons sector, as the country is preparing to declare Aphrodite gas field commercial and receive the Field Development Plan.

“I cannot emphasize strongly enough the significance of this development, as it would be the very first time that Cyprus is moving from the exploration to the exploitation phase of its natural resources. This development can in fact transform the country into a regional energy-producing player, offering new growth opportunities for the entire economy”, he underlined.

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