Cyprus - Country Commercial Guide
Oil and Gas Exploration & Exploitation
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There is one confirmed gas field in the ROC’s EEZ progressing to exploitation, Chevron/Shell/NewMed Energy consortium’s ‘Aphrodite’ in Block 12, totaling offshore deposits of an estimated 4.5 trillion cubic feet (tcf).  Ten of 13 blocks within the ROC’s EEZ are currently licensed.  Licensed operators, including ExxonMobil/Qatar Petroleum and ENI/TOTAL resumed exploration efforts in their respective blocks, following a COVID-19-related hiatus, and official results are expected in 2024.  Experts predict the ROC will become a natural gas exporter in the near future and expect additional discoveries of hydrocarbon reserves as a result of ongoing exploration in the ROC’s EEZ.  For more information on other licensed blocks in the ROC’s EEZ for exploration, and details from previous licensing rounds, please visit the Ministry of Energy, Commerce, and Industry’s Hydrocarbons Service.  Note:  the ROC is the sole internationally recognized government on the island, and only the ROC can assert maritime claims from the territory of Cyprus.  The U.S. government does not recognize the “TRNC,” nor the validity of licenses awarded by the “TRNC” to Turkish Petroleum (TPAO).

Leading Sub-Sectors and Opportunities

Support Services for Hydrocarbon Exploration and Exploitation / Drilling Equipment:

With the resumption of hydrocarbon exploration efforts within the ROC’s Exclusive Economic Zone (EEZ), and the potential for hydrocarbon exploitation and development, U.S. companies offering related support services and drilling equipment could find potential opportunities in Cyprus.  Moreover, Cyprus’ location can serve as a base for U.S. companies to pursue similar opportunities in the region.