Cyprus will become the richest country in Europe after the drilling and financial exploitation of natural gas, Professor of Chemical and Biomolecular Engineering at Cullen College of Engineering of Houston University Michael J. Economides has said.
In statements to CNA, on the sidelines of the “Maritime Cyprus 2011” Conference, held here, Economides said that there are indications for immense natural gas reserves within Cyprus’ Exclusive Economic Zone (EEZ).
He expressed the view that reserves in Block 12 where drilling is under way “are 50 times more” than Israel’s Leviathan.
Economides said that an institution must be set up to coordinate all actions with regard to the financial exploitation of the natural gas.
Asked if Cyprus could become an energy hub, Economides replied affirmatively, noting that the position of Cyprus in Europe will be very important.
In his speech during the conference, Economides said that the financial exploitation of the natural gas in Cyprus EEZ will increase the per capita income by 70% during the next ten years and that Cyprus will become the richest country in Europe.
He noted that hydrocarbons will continue to be the main energy source and there will be no other alternative solutions in the near future.
Houston-based ‘Noble Energy’, whose drilling rig is already in place, off the island’s southern coast, has begun drilling in Cyprus’ EEZ. The company has a concession to explore for hydrocarbons in an offshore field, south of Cyprus, known as Block 12.
http://www.financialmirror.com/news-det ... ?nid=24620
Prepare for imminent invasion!!!!
