Cyprus' Offshore Gas Development Remains Top Priority

The one confirmed gas field is not substantial enough to generate massive funds needed, to finance the project. Cypriot leaders are aiming to create an international alternative energy supply from the nation.

According to the Associated Press, Lakkotrypis described the discovery of supplementary gas outlets as: "very promising". He added that search efforts to find additional locations are mandatory, so Cyprus can maintain a lead in the competitive gas market.

The Energy Minister added, "We need to have these conditions met, which is basically to have enough gas to proceed [with an onshore facility] because we feel that's the best strategy for Cyprus in the longer term...But at the same time we're keeping an eye on what's going on in the international markets".

Giorgos Lakkotrypis explained that if Cyprus can produced a liquefied natural gas plant rather than a fixed pipeline, the island could offer fuel worldwide. The implementation of this method would majorly benefit the island economically, regarding last year's multi-billion-euro aid package.