Energy companies from Persian Gulf states have shown interest in exploring natural gas reserves off the southern coast of Cyprus, according to President Nikos Christodoulides. The Cypriot authorities are currently engaged in preliminary discussions with several companies regarding exploration licenses for some of Cyprus’ 13 areas within its exclusive economic zone.
Among the companies involved in talks are Italy’s Eni, France's Total, ExxonMobil, and Chevron, all of which already hold exploration licenses for 10 blocks. ExxonMobil and Qatar Energy have concessions in two blocks, Chevron partners with Shell for one block, and a consortium comprising Eni and Total holds licenses for seven blocks.
President Christodoulides expressed optimism about the potential of Cyprus’ exclusive economic zone, welcoming the involvement of other energy giants in the exploration efforts. The discovery of at least five natural gas deposits within Cypriot waters, estimated to hold significant reserves, has further fueled interest in the region.
Plans for the development of one of the Eni-Total gas fields, estimated to contain 2.5 trillion cubic feet of gas, are progressing and expected to be finalized soon. Additionally, efforts are underway to complete a 1.9 billion euros undersea electricity cable connecting Cyprus with Greece, with discussions ongoing for joint investment with the United Arab Emirates.
The 1,000 MW cable project, supported by 657 million euros in funding from the European Union, aims to reduce Cyprus’ electricity costs and alleviate its energy isolation. This initiative aligns with the EU’s goal of achieving energy price parity across all member states by 2030.
