Cyprus Pursues Energy Exploration with Gulf Firms

Cyprus is actively seeking to attract foreign energy companies, particularly from the Persian Gulf, to explore its natural gas reserves, as announced by President Nikos Christodoulides at an energy conference in Nicosia. The government is engaged in discussions with various companies to secure exploration licenses for its 13 designated blocks within its exclusive economic zone, where significant natural gas deposits have already been identified, including those by Eni-Total, ExxonMobil, and Chevron. Christodoulides emphasized that the growing interest from major energy firms is a 'vote of confidence' in Cyprus' energy potential, with estimates of undiscovered reserves possibly reaching up to 16 trillion cubic feet. Concurrently, Cyprus is advancing a 1.9 billion euros undersea electricity cable project linking it to Greece, aimed at reducing energy isolation and costs, supported by substantial EU funding. Energy Minister Giorgos Papanastasiou indicated that a new round of licensing could be considered to further capitalize on high global demand for natural gas, as existing projects are projected to come online by 2027. The government is also focusing on enhancing its renewable energy strategies while recognizing the continued importance of natural gas in its energy mix.