Cyprus is exploring new partnerships with energy companies from the Persian Gulf for natural gas exploration off its southern coast, President Nikos Christodoulides announced during an energy conference in Nicosia on Friday. While the Gulf companies remain unnamed, their interest indicates confidence in the potential of Cyprus’ exclusive economic zone (EEZ).
The island nation’s EEZ consists of 13 blocks, with 10 already licensed to leading international firms. Current stakeholders include ExxonMobil and Qatar Energy (holding rights in two blocks), Chevron and Shell (partners in one block), and a consortium of Italy’s Eni and France’s Total (holding seven blocks). At least five significant natural gas deposits have been discovered in Cypriot waters, including a Chevron site with an estimated 4.2 trillion cubic feet of gas and an Eni-Total field expected to hold 2.5 trillion cubic feet.
“We encourage the involvement of other companies as well, other energy giants,” President Christodoulides said, emphasizing the political, economic, and diplomatic importance of these partnerships. “It’s a vote of confidence in Cyprus’ exclusive economic zone.”
In addition to its natural gas ambitions, Cyprus is pursuing critical energy infrastructure projects to reduce costs and increase regional connectivity. One key initiative is a €1.9 billion undersea electricity cable linking Cyprus with Greece, designed to end the island’s energy isolation and align with the European Union’s goal of achieving energy price parity across member states by 2030. The project has already secured €657 million in EU funding, and Cypriot authorities are in talks with the United Arab Emirates for joint investment.
