MedservRegis last week announced that one of its subsidiary companies, Medserv (Cyprus) Limited, has signed a contract with a multinational oil and gas corporation to provide ShoreBase Logistics services for exploration activities taking place offshore Cyprus.

To provide these services, Medserv (Cyprus) Limited will be setting up additional logistics facilities in the port of Limassol.

It is expected that this contract will be serviced through the group’s internal resources.

MedservRegis described the award of this contract as “another major step” to broaden its oil and gas client portfolio.

Gas was first discovered in Cyprus in 2011, followed by additional discoveries since 2018.

None have yet move to development, but a lot of hopes are riding on a gas field holding 2.5 trillion cubic feet of gas discovered by Italy’s ENI and France’s TotalEnergy, which may see production flow as soon as 2026 or 2027, according to Commerce, Industry and Energy Minister of Cyprus George Papanastasiou.

Another discovery holding an estimated 3.5 trillion cubic feet of gas also holds a lot of potential, with plans for its development the subject of talks between a consortium led by America’s Chevron and the Cyprus Government.