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More Than 3.5 Trillion Cubic Metres of Natural Gas in Cypriot EEZ

In his interview to Fileleftheros newspaper, Professor Emeritus Antonis Foskolos of the Department of Mineral Resources and Engineering of the Technical University of Crete claimed that there is serious scientific evidence showing that the Cypriot EEZ holds a wealth of oil and natural gas exceeding by far 3 trillion m3. This astronomical amount equals to the crude oil reserves of Alaska and would be able of “boosting Cyprus’ economy” estimated Mr. Foskolos.

According to the Professor, the timing of the whole oil exploitation project in Cyprus was more than accurate. “One needs to bear in mind that the European Union will have to face a serious energy crisis in 2020. The crisis will make its first appearance in early 2015. Therefore, oil reserves of Cyprus, Greece and the Eastern Mediterranean will be the last means of help to Europe’s lack of energy, since Russia cannot do this on its own” pointed out Mr. Foskolos.

When asked if Cyprus should move on to the second round of drilling licensing and start searching for oil and natural gas in other blocks of its EEZ, the Greek Professor said that this notion might include high risk political games and interests. “The leading technology company in the fields of geophysics PGS has already provided us with enough evidence showing that Block 4 must hold thrice or even four times more natural gas m3 than Block 12.

Block5 and 6 are also deemed by experts as highly promising in terms of energy reserves.

“The exploitation of carbohydrate reserves in the area of Cyprus and Greece could boost the two countries’ economies and provide them with a safety net for any possible crisis in the future” concluded Mr. Foskolos.

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