Discovery of the third largest gas reserves in the world in Cyprus

ExxonMobil has discovered the world's third-largest gas reserves over the past two years in Cyprus, the energy minister said.
Energy Minister Georgios Lacotripis, who announced the results of the exploration work on Wednesday, revealed that the global discovery provides evidence that more hydrocarbons could be discovered in water.

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The evidence showed that more hydrocarbons could be detected in waters off the eastern Mediterranean island, which could become an alternative source of energy in Europe.

The field is expected to contain between 5-8 trillion feet of gas.

The island of Cyprus is located in the Levant region of the eastern Mediterranean, where Israel and Egypt have already found some of the largest natural gas reserves during the last ten years.

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 Tristan Aspray, vice president of ExxonMobil, said the establishment of a plant in Cyprus to handle gas exports was an option.

Esparay said ExxonMobil was interested in looking for more gas elsewhere off the southern coast of Cyprus.