Cyprus signed a 25-year concession on Thursday with a three-member consortium for the exploitation of a gas reservoir southeast of the island first discovered in 2011, Reuters reports.
The contract with Noble Energy, Shell and Delek is the first commercial exploitation license signed by the Mediterranean island. The Aphrodite field is thought to hold a calculated 4.1 trillion cubic feet (tcf) of gas.
Cypriot authorities have said natural gas will begin being extracted in 2025, with estimated earnings of 9.3 billion euros ($10.29 billion) over an 18-year period.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: HG32
