Christofias: Cyprus Will Press On With Gas Exploration

Cypriot President Demetris Christofias has said that Cyprus will continue its offshore gas exploration, with a second round of licences expected soon, despite opposition from Turkey.

President Christofias was speaking after a visit to the gas rig Homer Ferrington operated by Noble Energy in the Mediterranean Sea.

"My presence here underlines the sovereign rights of the Republic of Cyprus which we are determined to exercise," he said in a statement after the event.

The president said that a successful gas find could mean great things for the country and that a plan for the transit of the gas to shore was currently being drafted. 

"This is a very important issue. There are issues which will come up when gas reaches the land. A team of experts has been set up, a team of technocrats, and a strategic plan is being drafted which we will have to examine cautiously and discreetly," he said.

"This also constitutes a challenge for Turkey to change its stance to solve the Cyprus problem the soonest possible and co-exploit the natural resources, in the framework of a bi-zonal, bi-communal federal Republic of Cyprus, a single state with a single sovereignty, a single citizenship and a single personality."

Turkey has been challenging Cyprus over its right to explore for gas in Cyprus's exclusive economic zone (EEZ) in the offshore Cypriot waters of the Mediterranean Sea. Turkey does not recognise Cyprus's sovereignty in this matter.

President Christofias said that the country was hoping for positive progress soon and would be encouraging further exploration.

"We hope for the best possible results soon," he said. "We will also announce a second hydrocarbons licensing round."

Most recent estimates from Noble put the potential gas in the area at between 3 to 9 trillion cubic feet.