Cyprus is on the verge of bankruptcy and is fast running out of options. So will the discovery of this natural resource turn the tide in favour of the country? Indeed, at the end of 2011, American firm Noble Energy discovered a natural gas field off Cyprus' southern coast. Estimates are that the field could yield between 5 trillion and 8 trillion cubic feet of gas. By international standards this is a small field. But given that the size of the country itself is small, this field should be able to yield sufficient gas for the country. But it is too soon to say that this development will rescue the country from its financial woes. Simply because developing gas fields is an expensive and time consuming process. Wells will have to be drilled; pipelines laid to transport gas from the field to Cyprus and liquefaction plants will have to be put up. All of this will cost billions. In the longer term certainly this gas field is likely to benefit Cyprus immensely. But the country at present is plagued with cash problems and it simply cannot rely on the development of this gas field to bail it out of trouble.