August 05, 2024 [Reuters]- Representatives of BP and Abu Dhabi’s state oil giant met Cypriot Energy Ministry officials on Friday to explore investments in the country’s emerging natural gas sector, a source familiar with consultations said.

BP and ADNOC earlier this year formed a joint venture focused on developing new gas resources in the East Mediterranean.

Major gas discoveries and developments in Egypt and Israel have attracted leading companies in recent years, particularly in the wake of disruption of flows from Russia following its invasion of Ukraine Since 2007, Cyprus has issued exploration licences for 10 of 13 offshore blocks, or exploration areas, rimming the island. It has found natural gas in five wells at 3 blocks. None of it has entered commercial production yet.

“The meeting with the Ministry explored on potential cooperation in the Cyprus EEZ,” the source added, referring to a sea-zone where Cyprus has commercial rights.

BP declined to comment.

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data