Exploitation Of Hydrocarbon Resources In Cyprus

Geostrategic and financial interests regarding gas exploration and exploitation

Cyprus, the third largest island in the Mediterranean Sea, is located at the crossroads of major international energy routes between the Gulf countries and the West. Its status as a Member State of the European Union offers security guarantees, and its economy is well known as an open services-oriented market. The geographical position of Cyprus and its worldwide financial activities have made it a strategic hub for business activities in the region and the recent discovery of gas deposits offshore Cyprus gives it potential to develop as a centre for oil and gas trading.

Cyprus is a promising frontier for exploration, with proven potential in the vicinity. It is adjacent to five main offshore recognised hydrocarbon structures, namely the Eratosthenes Continental Block, the Levantine Basin, the Herodotus Basin, the Nile deep sea fan, the Eratosthenes Basin and the high anticlinorium and