The offer to compensate Cyprus bank depositors with future natural gas proceeds will provide...

|By:, SA News Editor

The offer to compensate Cyprus bank depositors with future natural gas proceeds will provide little comfort: While there may be 40T cu. ft. of gas under Cypriot waters, just one well has so far been drilled, and if large recoverable amounts really are available, the returns are years away. Russia's Gazprom reportedly is offering to restructure Cyprus' banks in exchange for gas exploration rights.