Cyprus offshore: Turkey turns up the heat
The prospects for monetising natural gas discovered off Cyprus have risen, but so has the geopolitical temperature
The Cyprus authorities can point to two positive aspects of the current offshore gas scene—and one negative one in the form of Turkey's moves to assert its authority in Cypriot waters. Tension is rising. On the plus side for Cyprus, leading international oil companies (IOCs)—Eni, ExxonMobil, Total—are confident of finding more reserves; and a deal has been done that could eventually see Cypriot gas being monetised. Noble Energy, Delek and Shell, partners in the Block 12 Aphrodite discovery (4.1tcf of gas in place), have reached an agreement amending their production-sharing contract (PSC) with the Cypriot government. The deal, in the consortium's favour, brings the PSC into line with those s
Also in this section
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing