Energy companies from the Persian Gulf have shown interest in exploring natural gas reserves off the southern coast of Cyprus, President Nikos Christodoulides revealed on Friday. Speaking at an energy conference in Nicosia, Christodoulides announced that Cypriot authorities are in the early stages of discussions with several unnamed companies regarding exploration licenses for areas within Cyprus’ exclusive economic zone (EEZ).
Cyprus has 13 designated exploration blocks in its EEZ, with several already under concession. International energy giants such as Italy’s Eni, France’s Total, ExxonMobil, and Chevron hold licenses for 10 of these blocks. ExxonMobil and its partner, Qatar Energy, control two blocks, while Chevron collaborates with Shell on another. Eni and Total together hold seven blocks.
Christodoulides expressed enthusiasm for expanding partnerships, saying, “We encourage the involvement of other companies as well, other energy giants.” He added that these developments represent a “vote of confidence” in Cyprus’ EEZ, although he noted that there are “many other political and diplomatic dimensions” to consider in these negotiations.
At least five natural gas deposits have already been discovered in Cypriot waters, with significant findings attributed to the Eni-Total consortium, ExxonMobil, and Chevron. One notable deposit, located by Chevron, is estimated to contain 4.2 trillion cubic feet of gas. Christodoulides highlighted that a development plan for a gas field discovered by the Eni-Total consortium, which holds an estimated 2.5 trillion cubic feet, is expected to be completed “soon.”
In addition to gas exploration, Cyprus is working on a major infrastructure project to link its electricity grid with that of Greece. Christodoulides confirmed that Cypriot authorities are in talks with the United Arab Emirates for joint investment in the €1.9 billion undersea electricity cable, which is set to have a capacity of 1,000 MW. The project, partly funded by €657 million from the European Union, aims to reduce electricity costs for Cyprus and eliminate its energy isolation.
The undersea cable is also seen as a step toward achieving energy price parity across the EU by 2030, a goal aligned with the bloc’s broader energy strategy. Christodoulides emphasized that EU backing underscores the importance of the project in enhancing regional energy security and fostering greater economic integration.
