A potential energy boom in Cyprus could spur a deal to reunify the ethnically-divided island after more than 40 years. A breakthrough may come at a United Nations-brokered multilateral summit in Geneva this week.

The island nation has discovered offshore gas with estimated reserves of over 4 trillion cubic feet valued at over $50 billion. Last month, global energy giants including ExxonMobil, Total of France, Qatar Petroleum and Eni of Italy won licenses to explore and drill for oil and gas off the southern coast of Cyrpus.

An accord has never been closer, as the European Union eyes Cyprus as a future energy hub that would give Turkey and Europe access to gas deposits discovered in the eastern Mediterranean. This would allow Turkey and Europe to reduce reliance on Russia for the continent's energy needs.