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Adnoc and BP officials in Cyprus to meet with Energy Minister

10:46 - 02 August 2024

Companies

Officials from the United Arab Emirates oil company Adnoc and the British multinational BP arrived in Cyprus on 2 August to meet with Energy Minister George Papanastasiou, the Cyprus News Agency has reported citing sources.

The meeting was scheduled to take place at the ministry, though the purpose of the visit has not been revealed. Market stakeholders told the agency that the visit is indicative of the interest shown by energy giants in the Eastern Mediterranean region.

It is noted that the two companies, which have formed a consortium in Egypt, recently submitted a bid to acquire 50% of Israeli New Med Energy, worth $2b, which holds a 30% stake in the Aphrodite natural gas deposit in Cyprus’ Exclusive Economic Zone (EEZ), while it also has a share in Israel’s Leviathan gas field.

Indeed, the two companies even announced that the aim was to develop gas in international regions of common interest, including the Eastern Mediterranean. However, the bid has been postponed due to the political conflict in the region.

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