The mammoth Cyprus deposit worth up to 90bn.

Cyprus seems to be ushering in a new historical trajectory. US Company Noble Energy announced the discovery of a source, in volume from 5 to 8 trillion cubic feet of natural gas, valued at 90 billion, while the deposit will be able to meet the needs of Cyprus for 120 years. At the same time, the revenue for Cyprus will amount to 75% of sales, even reaching 85% if the existence of an exploitable oil field is discovered.

President Christofias spoke about prospects of a large and long-term economic growth, from which many generations will profit. “Cyprus is entering the European energy map”, he stated, adding that “the discovery of natural gas should be an incentive to find a solution to the Cypriot problem, which will end the occupation and will contribute to the prosperity of Greek and Turkish Cypriots.

President Christofias urged Turkey to avoid actions that would constitute a danger for peace in the region and asked them to respect international treaties and contribute to the reunification of the country.

The Cypriot President also announced that it will take further drilling to utilize the deposit and announced the preparation of new drilling in another Cypriot EEZ.

It is characteristic that the CSE recorded gains of 34% last week, while after Noble’s announcements, there were liquidations recorded for collection of profits.