Cyprus gas to compete with Caspian resources for EU

Southern Cyprus, as a member of the European Union, may bring an end to the idea of export of Caspian gas to the EU in three years, Fineko reports.

Noble Energy (USA) plans to start extracting gas from the Block 12 (Aphrodite Gas Field), which holds at least 3.3 trillion cubic meters of gas reserves. It would share income from gas exports with the Northern Cyprus, an unrecognized republic. Turkish ultimatum for gas developments are being declined.

The Leviathan and Tamar fields hold about 10 trillion cubic meters of reserves. The areas are patrolled by Israeli drones. Russia is moving an aircraft carrier. Other states are transporting their fleets as well.

Block 12 has three times as high reserves of gas as Shah Deniz (1.2 billion cubic meters). The south-eastern Mediterranean Sea exceeds gas reserves of the Caspian Sea.