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Aphrodite’s disputed treasure

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It’s one of the largest and most contended gas fields in the region. Exploitation will however require cooperation between many other regional players.

Cyprus entered into international energy discussions in 2011, after the discovery of a gas reservoir in its offshore waters: the Aphrodite field.

The discovery sparked strong enthusiasm in the Republic of Cyprus (RoC) because the Aphrodite field was immediately seen as a unique opportunity to attain energy independence, to enhance industrial and economic competitiveness and to generate a significant cash flow to the state treasury. Hopes increased as the country entered into the 2012-2013 financial crisis. In such a precarious economic context, it was indeed difficult not to consider a quick monetization of the newly discovered gas resources as “manna from heaven”.

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