Energy minister meeting oil company giants Adnoc, BP

Officials of the United Arab Emirates Oil Company (Adnoc) and the British multinational BP will meet Energy Minister George Papanastasiou on Friday.

According to the Cyprus News Agency the meeting will take place in the morning at the ministry. The reasons for the presence of the two oil companies on the island is under speculation with market observers saying only that it indicates an interest in the region on behalf of the two oil giants.

It is recalled that two companies established a joint venture in Egypt and in March 2023 submitted a proposal to acquire 50 per cent of the Israeli company New Med Energy, valued at $2 billion. The Israeli company owns 30 per cent of the “Aphrodite” field in Cyprus’ exclusive economic zone (EEZ), and the largest stake in the Leviathan field in Israel.

Adnoc and BP had announced that as part of the deal they would form a joint venture for the development of gas “in international areas of common interest, including the Eastern Mediterranean.”

However, the proposal was shelved last March due to geopolitical instability caused by the conflict between Israel and Hamas.