Over the past couple of months, energy corporations have not found any exploitable natural gas deposits off the Cypriot coast.
Korea Gas Corp. (KOGAS) and Italian energy Eni company both confirmed that their endeavors had not revealed gas reserves. Over the last year, other international energy efforts on the island have not located any reserves. A plethora of nations have supported Cypriot gas discoveries and believed that its sources could benefit Europe as a whole.
After concrete 2011 findings on Cyprus, the country hoped to solidify itself as an energy portal in the Mediterranean region, along with already established energy hubs such as Israel. Yet developments have not gained substantial traction, while the nation's economic strains have hindered surveys, results and export mechanisms.