IEA: Energy Gap an Opportunity for Cyprus

The International Energy Agency (IEA) warns of the rapid depletion of global oil and gas reserves, highlighting the strategic importance of Cyprus and its agreement with Israel for the "Aphrodite" field.

IEA chief Fatih Birol stressed the need for faster exploration of new deposits, as 45 million barrels of oil per day and almost 2,000 billion cubic meters of natural gas will be needed by 2050.

The IEA report points out that it takes an average of 20 years from research to production. This "energy gap" could be an opportunity for Nicosia, provided it moves quickly and decisively.

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