The East Med: Trouble in paradise
Overlapping claims of sovereignty in the waters off Cyprus—and conflicting premises and perceptions—add a note of uncertainty to the island’s gas development ambitions
Cyprus sees a bright energy future ahead, one where leading international oil companies (IOCs)—Eni, ExxonMobil, Total—are confident of finding more reserves of natural gas. Furthermore, a deal has been done at last that could eventually see Cypriot gas monetised for the first time. Noble Energy, Delek and Shell, partners in the Block 12 Aphrodite discovery (4.1tn ft3 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 signed with other IOCs operating off Cyprus. The agreement means an important step has been taken towards eventually transporting Aphr
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
