ITERA International Group of Companies Opines on Gas Prospects in Cyprus, Middle East

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ITERA International Group of Companies responds to reports of gas off the shore of Cyprus.

Though the Cypriot coast has not historically been known as a region rich in natural gas resources, a recent finding from the American-based Nobel Energy revealed that there may actually be huge gas reserves, just offshore from Cyprus—and perhaps even oil resources, as well. Naturally, this finding has won the attention of many international fuel and energy companies, among them ITERA International Group of Companies. ITERA has weighed in on the prospect of Cypriot oil and gas with a new statement to the press.

According to ITERA International Group of Companies, the most immediate effects of the Cypriot oil and gas prospects may be political ones. “Ever since these potential energy resources were first uncovered, relations between Cyprus and Israel have been rapidly developing,” says the ITERA press statement. “Already, the two nations have signed an offshore economic zone delineation treaty, allowing Israel to start exploring its part of the Mediterranean Sea.”

This, in turn, has brought new developments to the Middle Eastern energy economy—and to Israel, in particular. Says the ITERA International Group of Companies press statement, “Israel has been able to discover new petroleum accumulations at this location and to enter into negotiations to develop some of its own production facilities in this suddenly in-demand area.”

Though the new developments between Israel and Cyprus come with numerous benefits, ITERA International Group of Companies believes there are potential problems, as well. “Currently, the development of petroleum resources offshore of Cyprus is essentially impossible, due to unsettled territorial disputes between the Greek and Turkish communities on that island nation,” the company opines.

Nevertheless, ITERA International Group of Companies predicts that Israel will continue striving for the development of natural gas resources, via its newfound ally in Cyprus.

ITERA International Group of Companies is one of Russia’s leading producers of natural gas resources, and a key player in the global fuel and energy community. ITERA International Group of Companies also has interests in the U.S. and throughout Europe.


ITERA International Group of Companies is a vertically integrated corporation founded in 1992, with dozens of enterprises in the NIS, Baltic States, Western Europe, Asia, and the United States.

Since 1994, ITERA’s main business activity has been natural gas. Starting in 1998, Itera Oil and Gas Company, within the Itera International Group of Companies, has been expanding its own gas production in the Yamal-Nenets region of Russia and has invested over $2 billion into infrastructure. Overall, over 250 billion cubic meters of gas were produced at ITERA’s gas fields. The total volume of gas sold by ITERA has surpassed 600 billion cubic meters. ITERA’s strategic business developments are also reaching into development, biochemical, and power generating segments.    

The American division of the company, ITERA USA, was founded in 1992. In addition to their work in the energy industry, ITERA USA has also found success in timber, real estate, and more. Itera always welcomes new ideas, and strives to build bridges between peoples and cultures through the implementation of quality energy solutions.

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Dr. Lonya Finker
Itera USA
904 996-8800
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