East Mediterranean

Cyprus

Cyprus is strategically located at the heart of the East Mediterranean. It hopes three gas discoveries since 2011 can propel it to become a major regional player, but IOCs are taking their time on development.

State of Play

Cyprus has made gas discoveries but, as with Israel, regional politics have stymied development plans. Turkey is the largest regional gas importer, but sales here would require a solution to the island’s 44-year division. Piping gas to Egypt may be more realistic, both for 2011’s Aphrodite discovery and for Eni’s promising early 2018 Calypso find.

2018 In Numbers

Peak Load	1.03	GW
GDP	366	$bn
Growth	4	%GDP
Debt	222.6	$bn
Debt to GDP	61.49	%

Oil & Gas

2 Aug, 2019

Featured

Eni & Total Strengthen Cyprus Ties

The two European majors have taken their tie-ups off Cyprus to the next level. They are now partners at seven of the island’s eight active exploration blocks.