Both Cairo and Nicosia are intent on maximising interest in their upstream sectors despite the unprepossessing global economic climate. Egyptian Natural Gas Holding Company (Egas) plans a Mediterranean offshore and Nile Delta-focused licensing round in H1 this year, and further exploration is expected in the Cyprus offshore. For the time being, the focus is mainly on Egypt as a potential market for extra production, whether from Egyptian, Cypriot or Israeli waters.
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