No — Cyprus has no commercial oil discoveries. Every confirmed discovery in the Cyprus Exclusive Economic Zone is natural gas: 6 commercial-scale fields holding an officially estimated 15.1–20.5 trillion cubic feet. Cyprus produces no hydrocarbons yet and imports all of its petroleum products.
What has actually been found
Offshore exploration since 2011 has produced six commercial-scale gas fields across 7 licensed blocks of the 13-block Cyprus EEZ:
| Field | Block | Discovered | Operator | Est. reserves |
|---|---|---|---|---|
| Aphrodite | Block 12 | 2011 | Chevron | 2.9-3.7 tcf |
| Calypso | Block 6 | 2018 | Eni | ~1 tcf |
| Glaucus | Block 10 | 2019 | ExxonMobil | 7-9 (with Pegasus) tcf |
| Cronos | Block 6 | 2022 | Eni | 3.1 GIIP tcf |
| Zeus | Block 6 | 2022 | Eni | 2-3 tcf |
| Pegasus | Block 10 | 2025 | ExxonMobil | 7-9 (with Glaucus) tcf |
Related questions
Does Cyprus have natural gas?
Yes. Cyprus has six commercial-scale offshore gas fields — Aphrodite (2011), Calypso (2018), Glaucus (2019), Cronos (2022), Zeus (2022) and Pegasus (2025) — with a combined official estimate of about 17–18 tcf. None is in production yet; the first gas is expected around 2028 from Cronos via Egypt.
Why does Cyprus not produce oil or gas yet?
Discovered fields sit in deep water (up to ~2,500 m) far offshore, so development requires multi-billion-dollar infrastructure and export routes. Development plans are now advancing: Cronos was approved in May 2026 (first gas targeted for 2028), Aphrodite began FEED in December 2025 with first gas expected around 2030–31, and the Block 10 fields Glaucus and Pegasus were declared commercial in June 2026 with production anticipated near 2033.
Who is drilling for oil and gas in Cyprus?
Four international operators hold licences in the Cyprus EEZ: ExxonMobil (Blocks 5 and 10, with QatarEnergy), Eni and TotalEnergies (Blocks 6, 7, 8 and 11, as partners), and Chevron (Block 12, with Shell and NewMed Energy).
Where does Cyprus get its oil from?
Cyprus imports all of its petroleum products, mainly refined fuels shipped from Mediterranean and Middle East refineries, since the island has no crude production and no operating refinery. Its future hydrocarbon revenue is expected to come from offshore natural gas exports rather than oil.