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
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
