Representatives from BP and Abu Dhabi’s state oil giant, ADNOC, met with Cypriot Energy Ministry officials to discuss potential investments in Cyprus’ burgeoning natural gas sector.
According to Reuters, the meeting focused on exploring opportunities within Cyprus’ Exclusive Economic Zone (EEZ), a maritime area where the island nation holds commercial rights.
This comes as BP and ADNOC, who formed a joint venture earlier this year, are seeking to develop new gas resources in the Eastern Mediterranean.
The region has seen increased interest from major energy companies, especially following disruptions in gas supplies from Russia due to the conflict in Ukraine.
Notable gas discoveries in Egypt and Israel have further heightened the region’s attractiveness.
Since 2007, Cyprus has issued exploration licenses for 10 out of 13 offshore blocks.
The country has discovered natural gas in five wells across three blocks, although none have reached commercial production yet.
The potential for collaboration in these areas was a key topic during the meeting.
Earlier this year, BP and ADNOC made a $2 billion bid to acquire a 50% stake in Israeli gas producer NewMed, though the deal was put on hold amid regional uncertainties.
