Exit options still cloud Cyprus gas optimism

Post-pandemic green shoots for the island nation’s fledgling upstream industry are blighted by the same old questions

The first drilling in Cyprus’ exclusive economic zone (EEZ) since Covid-19 disrupted global upstream activities will kick off this week, energy minister Natasa Pilides told December’s World Petroleum Congress in Houston. The work involves an appraisal well at the 5-8tn ft³ Glaucus discovery in block 10. And, at the end of last week, Glaucus partners ExxonMobil and Mideast Gulf NOC QatarEnergy signed an exploration and production-sharing contract for block 5, southwest of the island. These are promising signs. But the perennial question mark over monetising Cyprus’ existing and potential future gas discoveries remains. Pilides was speaking on a panel specifically discussing cross-border coope