NICOSIA – On Friday, the representatives of BP (NYSE: BP) and Abu Dhabi’s state oil giant met Cypriot Energy Ministry officials to explore investments in the country’s emerging natural gas sector, a source familiar with consultations said.
BP and ADNOC earlier this year formed a joint venture focused on developing new gas resources in the East Mediterranean.
Major gas discoveries and developments in Egypt and Israel have attracted leading companies in recent years, particularly in the wake of the disruption of flows from Russia following its invasion of Ukraine.
Since 2007, Cyprus has issued exploration licenses for 10 of 13 offshore blocks, or exploration areas, rimming the island. It has found natural gas in five wells at 3 blocks. None of it has entered commercial production yet.
“The meeting with the Ministry explored on potential cooperation in the Cyprus EEZ,” the source added, referring to a sea zone where Cyprus has commercial rights.
BP declined to comment.
Earlier this year, a $2 billion offer by ADNOC and BP (NYSE: BP) to buy a 50% stake in Israeli gas producer NewMed was put on hold due to uncertainty in the region.
(Source: Reuters)
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
