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
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.