Significant quantities of natural gas have been discovered in the Exclusive Economic Zone (EEZ) of the Republic of Cyprus. As a result of international licensing round procedures, the Government has awarded licenses for hydrocarbon exploration and exploitation to several international energy companies.
Alongside consortium partners Noble Energy and Shell, Israel’s Delek was involved in the first discovery of natural gas offshore Cyprus (Aphrodite gas field in Block 12). Other companies active in Cyprus’ EEZ include; ExxonMobil, TOTAL, ENI, Qatar Petroleum and KOGAS.
Italy, Greece, Cyprus and Israel have agreed for the development of the Eastern Mediterranean (EastMed) natural gas pipeline. The project is categorized as a Project of Common Interest (PCI) by the EU Commission which contributes financially towards the implementation of relevant technical studies (Pre-FEED and FEED). EastMed is envisaged to be the longest and deepest underwater pipeline, with a capacity to transfer up to 20 bcm of natural gas from Eastern Mediterranean gas reserves to European markets.
Cyprus is also leading the efforts for establishing electricity interconnectivity between Europe, Africa and Asia via the promotion of projects such as the EuroAfrica Interconnector and EuroAsia Interconnector. This undersea bi-directional electricity transfer infrastructure will offer transportation capabilities to transfer electricity to and from the European grid. The projects are also categorized as PCIs by the European Commission and benefit from relevant financial contribution.
Cyprus has an impressive track record in what concerns technology development and solutions implementation for household solar water heaters. In fact, based on 2018 statistics it is the 3rd highest ranked country in solar water heating collector capacity per capita.
Having set bold targets for increasing the share of renewables-generated power in the country’s energy mix, the Government is strongly encouraging investments in the sector with significant progress observed in the development of solar and wind power infrastructure projects across the island. The investment outlook for the sector continues to be positive.