Cyprus gas: A lifeline to the economy

Cypriot commerce minister Neoclis Sylikiotos (left) awards gas exploration rights to Italy's ENI and South Korea's Kogas in January 2013 (photo: dpa)
Cypriot commerce minister Neoclis Sylikiotos (left) awards gas exploration rights to Italy's ENI and South Korea's Kogas in January 2013 (photo: dpa)

Cyprus’ discovery of the Aphrodite gas field in the eastern Mediterranean is seen as potentially providing a lifeline for the Cypriot economy. Contracts signed with international oil companies could help the island turn the page on its vulnerable indebted economy and its reliance on imported energy supplies. This report looks at the reality of these claims and considers the friction it is causing with Turkey which objects to Cyprus’ exploration and drilling programme.

CYPRUS' discovery of the Aphrodite gas field has been described as providing a lifeline for the Cypriot economy. Contracts recently signed with international oil companies could help Cyprus to turn the page on its vulner...

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