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The study used Cyprus as an example – a small country which discovered a significant volume of natural gas off its coast two years ago. The country hopes for an economic turnaround after an almost total breakdown of its banking industry.
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While the volume does not in any way qualify Cyprus to be a potential major player – with most recent estimates of the gas find showing just a small percentage when compared to the world’s available gas resource – the country can greatly benefit from it for its own use, thereby lessening dependence on “foreign oil.”
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Sergey Paltsev, one of the authors of the study, said that “while natural gas is often cheaper than oil and gives off fewer emissions, developing the resource comes with risks, especially for smaller nations.”
The study showed that a country like Cyprus can take about five years to develop the resource for consumption, with investments taking up about 25 percent of the country’s gross domestic product. Indeed, such is an economic risk for any small country.
Dr. Ali Ghalambor co-authored the book “Petroleum Production Engineering: A Computer-Assisted Approach.” Visit this Facebook page for more industry-related updates.