Country Report
Cyprus upstream summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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
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Majors
-
Geology
- Introduction
- Tectonic activity
-
Sinai-Levant basin
- Hydrocarbon plays
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Nile Delta basin
- Hydrocarbon plays
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East Mediterranean basin
- Hydrocarbons plays
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Eratosthenes Platform basin
- Hydrocarbon plays
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Exploration
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Licensing
- Overview
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Recent licensing
- Ad-hoc PSC awards
- Relinquishments (2025)
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Historical licensing
- First licensing round (2008)
- Second licensing round (2012-2013)
- Third licensing round (2016-17)
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Türkiye and Turkish Republic of Northern Cyprus (TRNC)'s unrecognised territorial claims
- TRNC-issued exploration licences
- Türkiye-issued exploration licences
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Drilling
- Drilling activity
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Recent and future exploration
- Eni-operated
- ExxonMobil-operated
- Chevron-operated
- TotalEnergies-operated
- Historical exploration
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TPAO drilling in Türkiye and TRNC's unrecognised territorial claims
- Seismic surveys
- Drilling
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Licensing
-
Reserves and resources
- Overview
- Reserves
- Contingent resources
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Production
- Liquids
- Gas
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Infrastructure
- Introduction
-
Oil infrastructure
- Ports
- VTTV terminal (Vasilikos)
- Refinery
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Gas infrastructure
- LNG imports
- Gas export options
- Infrastructure in TRNC
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Policy and regulation
- Key legislation
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Regulatory body
- Hydrocarbons Service
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State oil company
- Cyprus Hydrocarbons Company (CHC)
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International boundaries
- Cyprus' exclusive economic zone (EEZ)
- Republic of Cyprus and Turkish Republic of Northern Cyprus (TRNC)
- Impact on upstream activity in Cyprus' EEZ
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Licensing
- Licence types
- Licensing rounds
- Bid evaluation
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Fiscal terms
- Overview
- Current fiscal terms
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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
- 6 more item(s)...
Tables and charts
This report includes the following images and tables:
- Reserves and contingent resources at 01/01/2025
- Key facts: Table 1
- Country map
- Reserves and contingent resources at 01/01/2025
- Net Acreage 2025
- Cyprus - major basins
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Reserves and resources: Table 3
- Production: Table 1
- Cyprus - Gas production
- Cyprus - licence map
- 5 more item(s)...
What's included
This report contains:
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