Aphrodite’s disputed treasure
It’s one of the largest and most contended gas fields in the region. Exploitation will however require cooperation between many other regional players.
- Saturday, 30 December 2017
Cyprus entered into international energy discussions in 2011, after the discovery of a gas reservoir in its offshore waters: the Aphrodite field.
The discovery sparked strong enthusiasm in the Republic of Cyprus (RoC) because the Aphrodite field was immediately seen as a unique opportunity to attain energy independence, to enhance industrial and economic competitiveness and to generate a significant cash flow to the state treasury. Hopes increased as the country entered into the 2012-2013 financial crisis. In such a precarious economic context, it was indeed difficult not to consider a quick monetization of the newly discovered gas resources as “manna from heaven”.