The East Med: Trouble in paradise
Overlapping claims of sovereignty in the waters off Cyprus—and conflicting premises and perceptions—add a note of uncertainty to the island’s gas development ambitions
Cyprus sees a bright energy future ahead, one where leading international oil companies (IOCs)—Eni, ExxonMobil, Total—are confident of finding more reserves of natural gas. Furthermore, a deal has been done at last that could eventually see Cypriot gas monetised for the first time. Noble Energy, Delek and Shell, partners in the Block 12 Aphrodite discovery (4.1tn ft3 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 signed with other IOCs operating off Cyprus. The agreement means an important step has been taken towards eventually transporting Aphr
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