ExxonMobil has discovered the third largest gas reserves in the world in the last two years in Cyprus, said the Minister of Energy.
Energy Minister Georgios Lacotripis, who announced the results of the exploration work on Wednesday, revealed that the global discovery provides evidence that more hydrocarbons could be discovered in the water.
Evidence has shown that more hydrocarbons could be detected in waters outside of the eastern Mediterranean, which could become an alternative source of energy in Europe.
The field is expected to contain between 5-8 billion meters of gas.
The island of Cyprus is located in the eastern Mediterranean region of the East, where Israel and Egypt have already found some of the largest natural gas reserves in the last ten years.
Tristan Aspray, vice president of ExxonMobil, said that setting up a factory in Cyprus to manage gas exports was an option.
Esparay said ExxonMobil was interested in seeking more gas in other parts of the southern coast of Cyprus