Adnoc has expressed interest in Cyprus gas, minister says

United Arab Emirates energy giant Abu Dhabi National Oil Company (Adnoc) has expressed interest in Cyprus’ emerging natural gas sector, the country’s energy minister has told Reuters.

Major gas discoveries and developments off Egypt and Israel have attracted companies to offshore developments in the eastern Mediterranean in recent years, while state-owned Adnoc sees gas and liquefied natural gas (LNG) as a pillar for growth.

Cypriot Energy Minister George Papanastasiou said Adnoc had not made any formal request or proposal to the government, though it had expressed interest “quite a number of times.”

“They expressed interest for the eastern Mediterranean,” Papanastasiou said on the sidelines of an Abu Dhabi energy conference.

“Their interest is mostly on de-risk assets [acquisitions]. But at the same time they may consider entering a new potential licensing round in order to get into blocks,” he said.

The minister did not say when Adnoc expressed interest.

Adnoc declined to comment.

Reuters reported in August, citing sources, that Adnoc and BP had met with Cypriot energy ministry officials to discuss investments in the country’s natural gas sector.

Cyprus has issued several licenses for offshore gas fields since 2007 and Papanastasiou said first gas from blocks in the eastern Mediterranean could reach markets in 2027. [Reuters]