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
7 November 2025
The Russian company’s German assets are under Berlin’s management and are exempt from sanctions, for now, but a permanent solution still needs to be found
6 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now divesting its global operations
6 November 2025
After years of pursuing ideologically driven climate leadership, Western powers are now stepping back under mounting political pressure and rising populist opposition—prompting concern essential climate action could be sidelined
5 November 2025
Construction of the pipeline in Afghanistan is making tangible progress, but extending it into Pakistan and India remains unrealistic for political reasons
