Officials from the UAE's Adnoc and the British multinational BP are in Cyprus today, Friday, for meetings with Energy Minister George Papanastasiou.

According to the Cyprus News Agency, the meeting took place this morning at the Ministry of Energy. While the reasons for the presence of the two oil companies on the island have not been disclosed, market observers note that this meeting, which is not the first of its kind, indicates the two giants' interest in the Eastern Mediterranean region.

It is worth noting that the two companies, which established a joint venture in Egypt, submitted a $2 billion bid in March 2023 to acquire 50% of the Israeli company New Med Energy. This company holds 30% of the Aphrodite field in Cyprus's Exclusive Economic Zone (EEZ) and has the largest share in Israel's Leviathan field. The two companies announced that under the agreement, they would form a consortium to develop gas in international areas of mutual interest, including the Eastern Mediterranean.

However, the proposal, seen as an attempt by the two companies to enter the region's hydrocarbon sector, was suspended this March due to "uncertainty created by the external environment," likely referring to the war in Gaza.