The intense activity over the Cyprus natural gas reserves in the past few days has provided a silver lining in the intense gloom of the past three months or so.
While the confirmatory drilling at Block 12 has begun and is expected to produce results in three to four months from now, the focus turns to how this valuable natural wealth will be better exploited.
Officials in Cyprus have made up their mind. Even before the minister in charge provided unambiguous confirmation of the intention to build a Liquefied Natural Gas plant at the southern coast, hardly anyone thought that Cyprus wouldn’t fancy its chances of becoming a real energy hub in the region. The facility would allow Nicosia to become a gas exporter, whichever route the product will take to be delivered abroad.
A major player in the new gas game in the area, the Israeli company Delek, has expressed its interest – if not sealed a deal with Nicosia – in participating in the LNG plant.
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