Greek Cypriot Minister of Energy Yorgos Lakkotripis announced that Greek Cypriot side is moving from the phase of investigation of hydrocarbon deposits to the stage of development and commercial operation phase of hydrocarbon deposits.

Lakkotripis conveyed Noble Energy’s Senior Vice President and  responsible for the Eastern Mediterranean Region, Keith Elliot’s statement after meeting with Greek Cypriot leader Nikos Anastasiadis at the presidential palace yesterday.  Company officials informed about the statement that will be made in the following weeks regarding Aphrodite bed’s being commercially profitable and development plan of Aphrodite bed.

Lakkotripis said these two events are very important for south Cyprus, because as a country we are moving from investigation of hydrocarbon stage to the development of hydrocarbons and commercially operating stage for the first time. Indicating that there is a long way to sign trade agreements, Lakkotripis said however submission of a development plan and making a statement on Aphrodite bed’s being commercially profitable will be a undoubtedly a step forward for the South Cyprus.