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Assessing the potential of Cyprus’ natural gas reserves : Economic opportunities and geopolitical challenges

Budzinska Cristina

Energy Policy Studies

2024

No. 1 (14)

17--30

The current geopolitical dynamics are forcing countries and alliances to rethink their security strategies in order to adapt their domestic economies and policies to the changing political landscape. Among other aspects that ensure security, the creation of a stable energy market is a key issue on the European Union's agenda. The process of diversifying the Alliance`s energy suppliers has been underway for decades and has gained further momentum following the imposition of sanctions against the main gas supplier Russia due to its invasion of Ukraine in February 2022. Cypriot natural gas reserves, which were only discovered relatively recently in 2011, are one of the potential alternatives to Russian gas. However, they are not only beneficial to the international community, but also create regional economic opportunities that make Cyprus an important player in the energy market. Nevertheless, due to its strategic location, Cyprus faces challenges in the form of regional tensions and a lack of successful strategies for sustainable exploitation of resources.