The Majors have enjoyed huge success in exploration since the industry downturn. Cyprus has been a bright spot in the last couple of years, with two of the largest discoveries globally – Eni's Calypso and ExxonMobil's Glaucus. However, it is unclear how stakeholders can create value from the discoveries. Exporting gas via Egypt's under-utilised LNG facilities has looked the most attractive option for several years. It is the lowest cost, fastest time to market and potentially gives access to the best netbacks. However, exploration in Egypt has also yielded big results and there are now questions around how much liquefaction capacity might be available to Cypriot resource-holders. So what are the other options?