2020 Cyprus Country Report
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
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Energy: Oil & Gas<br />
Publisher’s Sector Profile Information<br />
<strong>Cyprus</strong> has ambitions to become a strategic energy hub with energy giants investing<br />
in the region following significant gas-deposit discoveries in the last decade. Inevitably,<br />
KEY<br />
contacts<br />
HARNESSING THE<br />
HYDROCARBONS<br />
POTENTIAL<br />
the impact of the Covid-19 pandemic on the global economy has also affected<br />
exploration plans in <strong>Cyprus</strong> by delaying drilling, but the country is<br />
strengthening its role as a key player in the Eastern Mediterranean.<br />
Ministry of Energy,<br />
Commerce and Industry<br />
www.mcit.gov.cy<br />
<strong>Cyprus</strong> Energy Regulatory<br />
Authority (CERA)<br />
www.cera.org.cy<br />
<strong>Cyprus</strong> Energy Agency<br />
www.cea.org.cy<br />
<strong>Cyprus</strong> Hydrocarbons<br />
Company (CHC)<br />
www.chc.com.cy<br />
Natural Gas Public<br />
Company (DEFA)<br />
www.defa.com.cy<br />
The discovery of vast natural gas<br />
reserves in both the Exclusive<br />
Economic Zone (EEZ) of <strong>Cyprus</strong><br />
and its immediate neighbourhood<br />
in recent years has sparked<br />
an exploration race in the region<br />
and a new industry in <strong>Cyprus</strong>.<br />
The involvement of multinational<br />
oil and gas companies in<br />
<strong>Cyprus</strong>’ EEZ has strengthened<br />
the island’s ambition to become<br />
an important hydrocarbons player in the Eastern<br />
Mediterranean, and the developing industry<br />
has become a new opportunity for business and<br />
foreign investment.<br />
<strong>Cyprus</strong>’ strategic location in the East Med,<br />
at the southeast tip of the European Union and<br />
close to the Suez Canal, makes it ideally suited<br />
not only as an important fuel hub and headquartering<br />
location, but also as an energy interconnection<br />
node, connecting the electricity grids of<br />
the Eastern Mediterranean and North Africa to<br />
those of Europe.<br />
<strong>Cyprus</strong> has completed three successful offshore<br />
licensing rounds, awarding the majority<br />
of its offshore blocks to some of the world’s top<br />
international oil companies. Global energy giants<br />
such as Italian ENI, South Korean Kogas, French<br />
Total, American ExxonMobil, Qatar Petroleum,<br />
American Noble Energy, Israeli Delek Group and<br />
<strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong> 79