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.

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

1 Jul, 2022

Featured

Exxon Starts Cyprus Seismic, Eyes More Wells

Unperturbed by seemingly disappointing appraisal drilling at its Glaucus prospect, Exxon is shooting new Cyprus seismic with a view to late 2023 drilling.