The discovery of natural gas in Cyprus's exclusive economic zone is expected to reduce fuel import costs significantly and redefine energy consumption-related policies. In developing future export plans for local natural gas reserves, the government examined various options, including the construction of an onshore liquefied natural gas terminal and the export of gas to Egypt through a marine pipeline.
The application deadline for the third licensing round for the exploration of Offshore Blocks 6, 8 and 10 in the exclusive economic zone recently expired. A total of six applications were received from eight companies, which will now be evaluated by the competent advisory committee. The successful candidates will be granted a hydrocarbon exploration licence to carry out geophysical surveys and exploration drilling for an initial period of three years.