UNDERSTANDING CYPRUS’ OIL RESERVES
The seas around Cyprus hold a huge amount of gas across six offshore fields. Although it is just a small island, Cyprus has the eighth largest gas reserves of any country in Europe, behind only Ukraine, Greece, Turkey, Azerbaijan, the Netherlands, the UK and Norway.
Aphrodite, discovered in 2011, was the field that started it all. It holds an estimated 4.1 trillion cubic feet of gas and its operating rights belong to Chevron, Shell and NewMed Energy. The discoveries of the Calypso and Glaucus fields followed in 2018 and 2019, while Cronos and Zeus were both found in late 2022. The most recent discovery was Pegasus, which ExxonMobil and QatarEnergy found in the summer of 2025.
Across its 13 exploration blocks, Cyprus now counts roughly 15- 18 trillion cubic feet of confirmed reserves, positioning the island as a genuine solution to Europe’ s post- Russia energy security puzzle, leading author Ben Godwin to call the country a“ European energy saviour”.
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