Cyprus looks to move fast with gas search

Staff Writer
Columbus CEO

NICOSIA, Cyprus (AP) — Cyprus' energy minister says a land-based facility to process new offshore gas finds remains a top priority, but the search for additional sources of the fuel must move quickly to keep up with a rapidly shifting market.

The amount of gas inside Cyprus' single proven field off its south coast isn't enough to secure the billions of euros needed from investors to finance construction of the facility that authorities hope will turn the country into an alternative supplier of energy to Europe and beyond.

Energy Minister Yiorgos Lakkotrypis told the Associated Press in an interview Thursday that signs of additional gas discoveries in Cypriot waters are "very promising." But he said it's essential to expedite exploration so that Cyprus stays in step with other potential exporters.