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Cyprus Halts Gas Exploration In Blocks 2, 3, And 9 Following Disappointing Results

The energy exploration licenses for blocks 2, 3, and 9 within Cyprus’ Exclusive Economic Zone (EEZ) have officially expired and will not be renewed, following disappointing results from recent surveys, confirmed George Papanastasiou, Minister of Energy, Trade, and Industry.

This move signals the exit of South Korea’s state-owned Kogas, which held a 20% stake in these blocks. Following the expiry of the licenses, Italy’s Eni—leading the exploration consortium—retains rights to four blocks (6, 7, 8, and 11) in the Cypriot EEZ, in partnership with France’s Total. This is a reduction from the seven blocks they previously held.

Addressing questions regarding a report by the energy website MEES, which suggested the return of rights to these blocks by the end of January, Papanastasiou confirmed the licenses had expired. The exploration, he noted, revealed no promising natural gas prospects, prompting the decision not to renew.

The Minister called the expiry of the licenses a “natural development,” emphasizing that not every block within Cyprus’ EEZ is expected to contain viable resources.

The exploration rights for blocks 2, 3, and 9 were initially awarded in January 2013 to a consortium including Eni Cyprus and Kogas Cyprus. Total later joined the group. Despite extensive seismic surveys and deep exploratory drilling—reaching depths of 5,800 meters at Amathusa-1 and 5,485 meters at Onasagoras-1—no commercially viable gas was discovered. In Block 3, exploration was disrupted by interference from the Turkish Navy in 2018.

Forbes Middle East Unveils 100 Most Powerful Businesswomen Of 2025

Forbes Middle East has unveiled its much-anticipated 2025 ranking of the region’s top businesswomen, spotlighting influential leaders reshaping industries and driving meaningful transformation. The list was based on business size, individual accomplishments, leadership impact, and corporate social responsibility initiatives.

Top Spot For Hana Al Rostamani

For the third consecutive year, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (UAE’s largest bank by assets), claims the top position. In addition to retaining her position in the Forbes Middle East ranking, she was also featured on Forbes’ 2024 list of the World’s Most Powerful Women, securing the 60th position globally. Under her leadership, the bank achieved an impressive $3.5 billion in net profits and $334.8 billion in assets in the first nine months of 2024.

Rising Stars In The Top 10

Shaikha Khaled Al Bahar of NBK Group and Shaista Asif, cofounder and Group CEO of PureHealth Holding, take the second and third spots respectively, completing the top three.

The top 10 remains largely unchanged from last year, with Tayba Al Hashemi of ADNOC Offshore, Alisha Moopen of Aster DM Healthcare GCC, and Suzanne Al Anani of Dubai Aviation Engineering Projects (DAEP) making their debut in the top 10. In total, 27 new leaders have joined the list this year.

A Diverse And Powerful Group Of Women

This year’s list features 100 women from 32 sectors and 29 nationalities, underlining the diversity of talent driving the region’s progress. The banking and financial services sector leads with 25 entries, followed by healthcare and technology with nine each, and venture capital with five. Remarkably, 40% of the top 10 women are from the banking and financial services sector. Notably, Shaista Asif (PureHealth Holding) and Alisha Moopen (Aster DM Healthcare GCC) are the only non-Arab women in the top 10.

UAE Leads With 46 Leaders

The UAE continues to dominate, with 46 of the women on the list hailing from the country, solidifying its status as a global business hub. Egypt follows with 18 influential women, and Saudi Arabia claims nine entries. Egyptians lead in representation, followed by Emiratis and Lebanese women.

Empowering Women Through Initiatives

Several of the leaders have focused on upskilling and creating opportunities for women. Susana Rodriguez Puerta launched the ‘sAIdaty’ initiative in collaboration with the Dubai Business Women Council, aimed at providing 500 female council members in the UAE with AI skills. Similarly, Lamia Tazi of SOTHEMA collaborated with the Foundation for Research, Development, and Innovation in Science and Engineering to provide scholarships to PhD students from low-income backgrounds.

Click here for the full list.

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