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 %
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