Cyprus - Country Commercial Guide
Oil and Gas Exploration & Exploitation

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2022-08-09

Overview

There is one confirmed gas field in the ROC’s EEZ progressing to exploitation, Chevron/Shell/Delek consortium’s ‘Aphrodite’ in Block 12, totaling an estimated 4.5 trillion cubic feet (tcf).  ExxonMobil/Qatar Petroleum resumed exploration efforts in the “Glaucus” site in Block 10 earlier this year, but no official results were announced to date. ENI/TOTAL have also resumed their exploration efforts in Block 6 and results are expected before the end of the year.  Experts expect the ROC will become a natural gas exporter in the near future and that ongoing exploration in the ROC’s EEZ will result in additional discoveries of hydrocarbon reserves. 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.