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

The presence of oil majors Chevron, TotalEnergies, Shell, ExxonMobil and Eni and three to-date gas discoveries have yet to yield any gas production for Cyprus. The country's plans to import LNG via a custom converted FSRU have yet to materialize.

2019 In Numbers

Peak Load	1.03	GW
GDP	24.6	$bn
Growth	3.2	%GDP
Debt	23.5	$mn
Debt to GDP	95.5	%

Oil & Gas

12 Aug, 2022

Featured

Eni Makes ‘Big But Not Massive’ Cyprus Gas Discovery

Italy’s Eni has encountered a “large gas reservoir” on Cyprus Block 6, its second find off Cypriot after 2018’s 6-8tcf Calypso. Could Turkey play spoiler again?