Country Report

Cyprus upstream summary

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06 July 2018

Cyprus upstream summary

Report summary

Cyprus is a global exploration hot spot, with over 10 tcf of gas discovered since 2011, largely at the offshore Aphrodite and Calypso fields. Commercialisation is challenging as domestic demand is low and development will target gas export markets. A number of IOCs are present, including Noble Energy, Eni, Total, 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 plans. To date seven high impact wells have been drilled, with five planned by end-2019.

Table of contents

  • Executive summary
  • Key facts
  • Location maps
  • Key companies
    • Introduction
    • Map of basins
      • Main Cyprus basins
    • Tectonic activity
    • Plays and basins
    • Levantine basin
      • Hydrocarbon plays
    • Nile Delta basin
      • Hydrocarbon plays
    • Herodotus basin
      • Hydrocarbons plays
    • Eratosthenes basin
      • Hydrocarbon plays
    • Licensing
      • Onshore
      • Offshore
    • Recent licensing
      • Third Licensing Round
    • Historical licensing
      • First Licensing Round (2008)
      • Second Licensing Round (2012)
      • North of Cyprus
    • Drilling
      • Drilling activity
      • Current and future drilling
      • Historical drilling
    • Aphrodite
    • Onisiforos West
    • Calypso
    • Supply demand
      • Liquids
      • Gas
      • Environmental Targets
    • Introduction
    • Oil infrastructure
    • Gas infrastructure
      • Domestic
      • LNG
      • Export
    • Infrastructure in Northern Cyprus
    • 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
    • Current fiscal terms
      • PSC 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 and Third Licensing Round
      • Corporate Income Tax
      • Additional Profit Taxes
    • Transfer of a licence interest

Tables and charts

This report includes 10 images and tables including:

  • Key facts: Table 1
  • Country Map
  • Net Acreage 2018
  • Remaining Commercial and Technical Reserves at 01/01/2018
  • Cyprus exploration acreage
  • Reserves and resources: Table 1
  • Geology: Image 1
  • Exploration: Table 1
  • Policy and regulation: Table 1
  • Fiscal terms: Table 1

What's included

This report contains:

  • Document

    Country Overview

    PDF 12.13 MB

  • Document

    Country Overview

    XLS 230.00 KB

  • Document

    Country Overview

    ZIP 12.23 MB

  • Document

    Executive summary

    PDF 699.72 KB

  • Document

    Key facts

    PDF 681.51 KB

  • Document

    Location maps

    PDF 5.23 MB

  • Document

    Key companies

    PDF 708.89 KB

  • Document

    Geology

    PDF 5.00 MB

  • Document

    Exploration

    PDF 3.18 MB

  • Document

    Reserves and resources

    PDF 707.58 KB

  • Document

    Production

    PDF 692.27 KB

  • Document

    Infrastructure

    PDF 700.09 KB

  • Document

    Policy and regulation

    PDF 724.00 KB

  • Document

    Fiscal terms

    PDF 717.61 KB

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