Cyprus plans to grant more mining licenses

  • Michaela Ceklová
  • 19.5.2017 09:40

Yiorgos Lakkotrypis, Cypriot Minister for Energy, stated on 12 May that Cyprus plans to increase the number of licenses for drilling exploration wells in its exclusive economic zones. Cyprus has been considering granting licenses for a long time, especially with the discovery of the largest natural gas deposit Zohr in the Mediterranean in 2015.

Last month, ExxonMobil and Qatar Petroleum signed an agreement with the Cypriot government to allow exploratory offshore drilling in Cyprus from 2018. The Italian company Eni plans to drill two exploration wells near the coast of Cyprus in 2017. Cyprus is currently a key player in the region, as most of the potential gas pipelines, such as the planned East Med gas pipeline, to a certain extent count on its involvement. The European Union also engages in enhancing Cypriot energy infrastructure and energy self-sufficiency. The EU perceives the Mediterranean, similarly to the Southern Gas Corridor, as one of the ways to reduce its dependence on Russian gas.

About author: Michaela Ceklová


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