Cyprus minister confirms reports on natural gas deposits

Commerce, Industry and Tourism Minsiter Antonis Paschalides has confirmed press reports from Israel that there are huge deposits of natural gas in a plot next to Cyprus' exclusive economic zone south east of the island.
In statements on Monday, Paschalides said “it is indeed believed that there is a huge amount in the Israeli plot but we cannot confirm or dismiss the amounts, because they have been revised a couple of times.”
He said that common exploitation could not be discussed, adding that the signing of agreements on the exclusive economic zone was pending.
“We want these agreements to be made with Israel and other neighbouring countries, as was our aim from the beginning,” so that each country could make its own plans.
As regards Turkish efforts to obstruct the process of determining the exclusive economic zone, Paschalides said Turkish officials have been making statements for years. “We know our sovereign rights. We do not provoke anyone. We do not change our plans and we proceed,” he concluded.
Bloomberg reported last week that the gas discoveries had sparked a debate with Lebanon over potential resources in the eastern Mediterranean and prompted Cyprus to seek clarification on maritime boundaries.
Noble Energy Inc. and Israeli companies controlled by billionaire Isaac Tshuva have announced two finds in the past 18 months that may hold 24 trln cubic feet of gas.
Israel and Lebanon are technically at war and have no diplomatic relations. Israel, which is seeking to wean itself off oil and coal imports, has said the finds may allow it to start exporting gas.
“We will not allow Israel or any company working for Israeli interests to take any amount of our gas that is falling in our zone,” said Lebanon’s Energy Minister Gebran Bassil, adding that it warned Noble not to work close to its economic zone.