Adnoc and BP engage in high-stakes Talks with Energy Minister

Officials from the United Arab Emirates' Abu Dhabi National Oil Company (Adnoc) and British multinational BP will be in Cyprus today, Friday, for meetings with Energy Minister George Papanastasiou.

According to the Cyprus News Agency, the meeting will take place this morning at the Ministry of Energy. While the purpose of the visit by the two oil companies has not been disclosed, market observers note that the meeting, which is not the first of its kind, indicates the interest of these two industry giants in the Eastern Mediterranean region.

It is worth noting that the two companies, which have established a joint venture in Egypt, submitted a $2 billion bid in March 2023 to acquire 50% of Israel's New Med Energy. New Med Energy holds a 30% stake in the "Aphrodite" gas field within Cyprus's Exclusive Economic Zone and a major share in Israel's Leviathan field. The companies announced that, as part of the agreement, they would form a consortium to develop gas in international areas of mutual interest, including the Eastern Mediterranean.

However, the bid, seen as an effort by the companies to enter the region's hydrocarbon sector, was suspended this March due to "uncertainty created by external factors," likely referring to the conflict between Hamas and Israel.

[Information sourced from CNA]