BP, ADNOC meet Cyprus Officials to Explore Gas Investments

BP and ADNOC met with Cypriot Energy Ministry officials on Friday to explore financial investments in the country's emerging natural gas sector, according to a source with knowledge of the situation.

BP and ADNOC previously this year formed a joint endeavor concentrated on establishing new gas resources in the East Mediterranean.

Significant gas discoveries and developments in Egypt and Israel have garnered attention, especially in the wake of disruption of flows from Russia following its invasion of Ukraine

Cyprus has provided expedition licences for 10 of 13 offshore blocks, or exploration locations, rimming the island. It has found gas in five wells at 3 blocks. None has gone into industrial production yet.

BP declined to comment.

Previously this year, a $2 billion offer by ADNOC and BP to buy. a 50% stake in Israeli gas producer NewMed was placed on hold due to unpredictability in the region.

(source: Reuters)