Country report
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20 Pages

Cyprus upstream summary

Cyprus upstream summary

Report summary

The giant Aphrodite gas discovery was made in the Levantine basin in late 2011 with Cyprus' first offshore well. The field has transformed the outlook of the country's upstream industry. There is no gas infrastructure in Cyprus as yet and the government and Aphrodite partners are evaluating development options. The discovery raised interest in the area and Total and an Eni/KOGAS consortium have recently entered the country.Since 1974, Cyprus has effectively been split into two ...

What's included?

This report includes 2 file(s)

  • Country Overview PDF - 733.78 KB 20 Pages, 3 Tables, 3 Figures
  • Country Overview XLS - 140.50 KB


Volatility in oil markets has led players in the upstream oil and gas industry to focus on reducing capital spend and operating costs. At the same time, governments need to review fiscal terms to maintain attractiveness and investment.

This country report gives an overview of the key upstream issues for this country. If you’re interested in identifying and assessing upstream investment and expansion opportunities, this upstream summary is your definitive commercial guide.

Potential investors, governments and companies in the oil and gas sector can use it to gain a better understanding of the critical issues for development opportunities in this country.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research. Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in commercial data and analysis.

  • Executive summary
  • Key facts
  • Location maps
  • Geology
    • Introduction
    • Map of basins
      • Main Basins in Cyprus
    • Tectonic activity
    • Plays and basins
    • Levantine basin
      • Hydrocarbon Plays
    • Nile Delta Basin
      • Hydrocarbon Plays
    • Herodotus basin
      • Hydrocarbons Plays
    • Eratosthenes basin
      • Hydrocarbon Plays
  • Exploration
    • Licensing
      • Onshore
      • Offshore
      • First Licensing Round
      • Second Licensing Round
      • North of Cyprus
    • Drilling
      • Drilling activity
  • Reserves and resources
    • Aphrodite
  • Production
    • Supply demand
      • Liquids
      • Gas
      • Environmental Targets
  • Infrastructure
    • Introduction
    • Oil infrastructure
    • Gas infrastructure
    • Infrastructure in Northern Cyprus
  • Policy and regulation
    • Key legislation
    • Regulatory body
    • International boundaries
    • Territorial Dispute
    • Licensing
      • Ownership of Petroleum
      • Granting of Rights for Petroleum Exploration and Production
      • Types of Licence
      • Licence Areas
      • Application and Award Procedures
      • Evaluation Mark Scheme
      • General Terms and Conditions of Licences
      • Technical Clauses and Licence Details
  • Fiscal terms
    • Current fiscal terms
      • Production Sharing Contract Terms
      • Bonuses, Rentals and Fees
      • Indirect Taxes
      • Royalty and other Production Taxes
      • Environmental/CO2 Taxes
      • Domestic Market Obligation (DMO)
      • Contractor Revenue Entitlement
      • PSC Cost Recovery
      • Cost Recovery Ceiling
      • Cost Carry Forward
      • Recoverable Costs
      • PSC Profit Sharing - First Licensing Round
      • PSC Profit Sharing - Second Licensing Round
      • Product Pricing
      • Corporate Income Tax
      • Additional Profit Taxes
    • Transfer of a licence interest

In this report there are 6 tables or charts, including:

  • Executive summary
  • Key facts
    • Key facts: Table 1
  • Location maps
    • Country Map
  • Geology
    • Geology: Image 1
  • Exploration
    • Exploration Acreage in Cyprus
  • Reserves and resources
  • Production
  • Infrastructure
  • Policy and regulation
    • Policy and regulation: Table 1
    • Policy and regulation: Table 2
  • Fiscal terms
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