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Cyprus Mulls New Offshore Gas Licensing Round
Cyprus is exploring a new licensing round for offshore natural gas exploration due to high demand and significant reserves, while also pursuing ambitious renewable energy targets.
Greek
Greece
Climate ChangeEuropean UnionEnergy SecurityEnergyGasCyprusExplorationRenewables
EniExxon MobilChevronTotalenergiesReuters
Georgios Papanastasiou
- What types of blocks are being considered for the new licensing round?
- The blocks being considered for the new licensing round could be those that have not yet been licensed or those where operators wish to relinquish their licenses. The Cypriot government will evaluate interest before proceeding.
- What are Cyprus's renewable energy targets, and how will they be achieved?
- Cyprus aims to generate 33% of its energy from renewable sources by 2030, and will begin tenders for solar energy storage facilities to help meet this goal. While committed to renewables, natural gas will remain part of the energy mix for several decades.
- What is the timeline for the production of gas from the recently discovered fields?
- A gas field discovered in 2022 by Eni and TotalEnergies is expected to start production around 2027, followed by another operated by Chevron around 2029 or 2030. This demonstrates Cyprus's plans to utilize its natural gas resources.
- What factors are driving international interest in Cyprus's offshore gas exploration?
- International companies are showing interest in Cyprus's offshore gas exploration, driven by uncertainty regarding Russian gas supplies and the future of LNG projects. This interest stems from the discovery of significant gas reserves in the Eastern Mediterranean.
- Why is Cyprus considering a new licensing round for offshore natural gas exploration?
- Cyprus is considering a new licensing round for offshore natural gas exploration due to high demand and the potential for significant reserves, estimated at 15-16 trillion cubic feet.