Cyprus Oil & Gas
Intelligence Portal

Cyprus has confirmed natural gas reserves of approximately 15–18 trillion cubic feet (tcf) across 7 offshore discoveries in its Exclusive Economic Zone (EEZ). The largest fields are Aphrodite (3.6–6 tcf, Block 12), Glaucus (5–8 tcf, Block 10), and Cronos (2.5 tcf, Block 6).

Five major international oil companies (IOCs) hold exploration licenses in Cyprus: ExxonMobil (Blocks 5, 10), ENI (Blocks 2, 3, 6, 7, 8, 9, 11), TotalEnergies (Blocks 6, 7, 11), Chevron (Block 12), and Shell (Block 12). National oil companies Qatar Energy and KOGAS also hold partnership stakes.

Final investment decisions (FID) on the Aphrodite and Cronos fields are expected in 2026. If approved, first gas exports could begin by 2029–2030, likely via pipeline to Egypt's LNG facilities or through a dedicated floating LNG solution.

The Cyprus Exclusive Economic Zone is divided into 13 exploration blocks covering approximately 51,000 km² of offshore territory south of the island. As of 2026, 10 blocks are actively licensed to international operators under Production Sharing Contracts (PSCs).

Aphrodite is Cyprus' first major offshore gas discovery, found in Block 12 in 2011 by Noble Energy (now Chevron). With estimated reserves of 4.1 tcf, it is operated by Chevron in partnership with Shell and NewMed Energy. The field is central to Cyprus' gas export strategy.