SEATTLE (Oil Monster): Global oil majors BP and ADNOC are reportedly in talks with the Cypriot Ministry of Energy to explore investment opportunities in the country’s booming natural gas sector.
It must be noted that the energy resources in the East Mediterranean region have been in increased focus following recent disruptions in gas supply from Russia. The gas exploration activity in the region has witnessed sudden surge following recent gas finds in neighbouring countries such as Israel and Egypt.
The key topic of discussion was the potential collaboration within Cyprus’ Exclusive Economic Zone (EEZ).
Since 2007, the country has issued exploration licences for 10 of 13 offshore blocks. It has reported natural gas discoveries in five wells at 3 blocks, though these are yet to enter into commercial production.
Earlier this year, BP and ADNOC had announced plans to establish a new joint venture project in Egypt, in a bid to develop the country’s natural gas assets. The JV was 51% owned by bp and 49% by ADNOC. Prior to that, the two companies had proposed acquisition of 50% stake in gas producer NewMed, which holds a 45.3% stake in the country’s Leviathan gas field.
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