Discovery of the third largest gas reserve in the world

ExxonMobil has discovered in Cyprus the third largest gas reserve in the world in the past two years, said the Minister of Energy.

Energy Minister Georgios Lacotripis, who announced the results of the exploration work on Wednesday, revealed that the global discovery proved that more oil could be discovered in the water.

Evidence has shown that more hydrocarbons could be detected in the waters off the eastern Mediterranean island, which could become an alternative source of energy in Europe.

The field is expected to contain between 5,000 and 8,000 billion feet of gas.

The island of Cyprus is located in the Levant region, east of the Mediterranean, 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 setting up a plant in Cyprus to handle gas exports would be an option.

Esparay said that ExxonMobil was interested in looking for more gas elsewhere on the south coast of Cyprus