Industry Players
Major international oil companies and national oil companies active in Cyprus' offshore exploration.
Updated July 2026 · Sources: MECI, CHC, operator announcements
International Oil Companies
ExxonMobil
XOMUnited States
One of the world's largest publicly traded oil and gas companies. Operator (60%) of Block 10 with QatarEnergy, home to the Glaucus (2019) and Pegasus (2025) discoveries — an estimated 7–9 tcf declared a commercial discovery in June 2026. Also holds Block 5, where the Elektra-1 well found non-commercial gas in 2025.
ENI S.p.A.
ENIItaly
Italian multinational energy company. Operator of Blocks 6 and 8 and partner in Blocks 7 and 11, with the Calypso, Cronos and Zeus discoveries. Eni relinquished Blocks 2, 3 and 9 in early 2025 when their exploration terms lapsed, and is advancing Cronos toward development via Egypt's Zohr facilities.
TotalEnergies SE
TTEFrance
French multinational integrated energy company. Operator of Blocks 7 and 11 and partner in Blocks 6 and 8 alongside Eni. Also entered Lebanon's Block 8 exploration permit in January 2026.
Chevron Corporation
CVXUnited States
American multinational energy corporation. Operator (35%) of Block 12 containing the Aphrodite gas field, Cyprus' first major discovery. Cyprus approved Aphrodite's development plan in February 2025 and Egypt initialed a 15-year term sheet for the field's full output in April 2026, with FID targeted for late 2026-2027 and first gas around 2030-31.
Shell plc
SHELUnited Kingdom
British multinational oil and gas company. Partner (35%) in Block 12 (Aphrodite) through BG Cyprus.
National Oil Companies
Cyprus Hydrocarbons Company (CHC)
Cyprus
The state-owned national hydrocarbons company of the Republic of Cyprus, established in 2014. CHC manages the state's commercial interests in the EEZ: it participates in gas commercialization and export negotiations (including the Aphrodite–Egypt and Cronos–Zohr arrangements), advises the Ministry of Energy on licensing and development plans, and is the vehicle through which the Republic would hold participating interests in producing fields. Unlike the international operators, CHC holds no operated blocks — its role is commercial stewardship of the state's share of Cypriot gas.
Qatar Energy
Qatar
State-owned energy company of Qatar. Partner (40%) with ExxonMobil in Blocks 5 and 10, co-owner of the Glaucus and Pegasus discoveries declared commercial in June 2026.
KOGAS
South Korea
Korea Gas Corporation, a state-owned company. Former partner with Eni in Blocks 2, 3 and 9; KOGAS exited Cyprus in early 2025 when those licences lapsed.