BUSINESS

Cyprus gas deposit small, but hopes are high

TAGS: Cyprus, Energy

Cyprus said Tuesday that a small gas deposit discovered off its southern coast was not enough to make it commercially viable, but added it was an encouraging sign given that the area’s geological profile was similar to the one in neighboring Egypt where a huge discovery was made.

Cyprus Energy Minister Yiorgos Lakkotrypis said on Tuesday that the Onisiforos well in Cyprus’s exclusive economic zone is estimated to have less than half a trillion cubic feet. “We’re not disappointed with this drilling,” Lakkotrypis told reporters, adding that it “it leaves us optimistic for the future.”

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