Persian Gulf Energy Giants Eye Cyprus Gas Exploration

Energy firms from Persian Gulf states are interested in exploring natural gas off Cyprus' southern coast. Cyprus is negotiating with several companies about exploration licenses within their economic zone. Partnerships may involve major firms already holding licenses, and further investments include a power cable connecting Cyprus to Greece.

Energy companies from Persian Gulf states are eyeing potential natural gas reserves off Cyprus' southern coast. Cyprus President Nikos Christodoulides revealed this during an energy conference in Nicosia, highlighting early discussions with unnamed firms for exploration licenses in Cyprus' designated economic zones.

These negotiations might lead to partnerships involving industry giants Eni, Total, ExxonMobil, and Chevron, who already hold exploration rights. With existing licenses spanning 10 of Cyprus' 13 blocks, these firms express confidence in the region's potential. Notably, significant gas deposits have been found by Eni-Total and other major companies.

Simultaneously, Cyprus pursues a 1,000 MW undersea electricity cable project connecting it with Greece, backed by a substantial EU grant. This move is aimed at reducing electricity costs and ending Cyprus' energy isolation, reinforcing EU's strategy for energy price parity by 2030.

(With inputs from agencies.)