Country Report
Cyprus upstream summary
Report summary
Cyprus is a global exploration hot spot with a focus turning to development plans. More than 14 tcf of gas resources have been discovered since the early 2010s at a string of large and giant ultra-deepwater fields. Commercialisation is challenging as domestic demand is low and development will target gas export markets. A number of IOCs are present, including Chevron, Eni, TotalEnergies, ExxonMobil, Shell and Qatar Petroleum. Despite an ongoing territorial dispute and geopolitical tensions with Turkey, there is still appetite from these companies to progress exploration and appraisal plans.
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
-
Majors
- Eni and TotalEnergies
- Chevron
- ExxonMobil
- Shell
- Other investors
-
Majors
-
Geology
- Introduction
- Tectonic activity
-
Sinai-Levant basin
- Hydrocarbon plays
-
Nile Delta basin
- Hydrocarbon plays
-
East Mediterranean (Herodotus) basin
- Hydrocarbons plays
-
Eratosthenes Platform basin
- Hydrocarbon plays
-
Exploration
-
Licensing
- Overview
-
Recent licensing
- Ad-hoc PSC awards
-
Historical licensing
- First licensing round (2008)
- Second licensing round (2012-2013)
- Third licensing round (2016-17)
-
Turkey and Turkish Republic of Northern Cyprus (TRNC)'s unrecognised territorial claims
- TRNC-issued exploration licences
- Turkey-issued exploration licences
-
Drilling
- Drilling activity
-
Recent exploration
- Eni-operated
- ExxonMobil-operated
- Noble Energy/Chevron-operated
- TotalEnergies-operated
- Historical exploration
-
TPAO drilling in Turkey and TRNC's unrecognised territorial claims
- Seismic surveys
- Drilling
- Future drilling plans
- Chevron-operated
- Eni-operated
- ExxonMobil-operated
- TotalEnergies-operated
-
Licensing
-
Reserves and resources
- Overview
- Discovered resources
-
Production
- Liquids
- Gas
-
Infrastructure
- Introduction
-
Oil infrastructure
- Ports
- VTTV terminal (Vasilikos)
- Refinery
-
Gas infrastructure
- LNG imports
- Gas export options
- Infrastructure in TRNC
-
Policy and regulation
- Key legislation
-
Regulatory body
- Hydrocarbons Service
-
State oil company
- Cyprus Hydrocarbons Company (CHC)
-
International boundaries
- Cyprus' exclusive economic zone (EEZ)
- Republic of Cyprus and Turkish Republic of Northern Cyprus (TRNC)
- Impact on upstream activity in Cyprus' EEZ
-
Licensing
- Licence types
- Licensing rounds
- Bid evaluation
-
Fiscal terms
- Overview
- Current fiscal terms
-
PSC terms
- Fiscal/contractual ring-fences
- Bonuses, rentals and fees
- Royalty and other production taxes
- Cost recovery
- Profit sharing
- Fiscal treatment of decommissioning costs
- Corporate income tax (CIT)
- Additional profit taxes
- Indirect taxes
- Environmental/CO2 taxes
- Domestic market obligation (DMO)
- Liquids and gas pricing
- Contractor revenue entitlement
Tables and charts
This report includes 13 images and tables including:
- Reserves and contingent resources at 01/01/2024
- Key facts: Table 1
- Country map
- Reserves and contingent resources at 01/01/2024
- Net Acreage 2024
- Cyprus - major basins
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Cyprus - licence map
- Cyprus E&A drilling activity
- Map of territorial claims in Cyprus' exclusive economic zone
- Policy and regulation: Table 1
- Fiscal terms: Table 1
What's included
This report contains:
Other reports you may be interested in
Insight
Global upstream fiscal terms database
In this easy-to-use Excel workbook we summarise over 150 countries’ fiscal terms for the latest exploration opportunities.
$1,350
Country Report
Croatia upstream summary
A medium-sized mature producer - Onshore operations date back to the early 20th century. Most of Croatia's current oil and gas ...
$3,400
Country Report
Serbia upstream summary
A medium-sized mature producer - Onshore operations date back to the mid-20th century. Oil and gas output peaked at more than 40,000 ...
$3,400
