NICOSIA, Cyprus — Recent agreements detailing the route for significant natural gas reserves from the waters off Cyprus to processing facilities in Egypt represent an important advancement in energy collaboration, according to statements from the President of Cyprus, Nikos Christodoulides.
Christodoulides described the partnership between Cyprus and Egypt as fundamental in reshaping the regional energy landscape, labeling the agreements as “game-changers” that are crucial for solidifying their strategic ties.
The primary agreement involves Cyprus, Egypt, and a consortium comprising the French energy firm Total and Italy’s Eni. This deal outlines the transportation of natural gas from a site identified as Cronos to Egyptian facilities where it will be liquefied and prepared for export, targeting markets that include Europe.
The Eni-Total consortium holds exploratory licenses for four out of the thirteen designated blocks within Cyprus’ offshore economic zone. They are expected to reach a definitive decision regarding the extraction and transportation of gas by the upcoming summer.
Claudio Descalzi, CEO of Eni, emphasized that this agreement is a crucial step towards establishing an energy hub in the eastern Mediterranean.
Although officials have not disclosed the exact size of the Cronos deposit, it is believed to be larger than the Aphrodite deposit, which is the first gas field found in Cyprus’ exclusive economic zone back in 2011, with estimates suggesting it holds around 4.5 trillion cubic feet of gas.
In addition, a secondary agreement involving Cyprus, Egypt, and a consortium made up of Chevron, NewMed Energy, and Shell has been established to provide a framework for the development and commercialization of the Aphrodite deposit.
This agreement on Aphrodite comes shortly after the Cypriot government and the Chevron-led consortium approved an updated development and production strategy that integrates a floating platform for gas processing and a pipeline that will connect to Egypt.
Cypriot Energy Minister George Papanastasiou indicated last month that discussions are ongoing to determine whether the Aphrodite gas will be utilized for local Egyptian energy consumption or processed for export purposes.
President Christodoulides also engaged in discussions with Egyptian President Abdel-Fattah el-Sissi regarding future energy cooperation objectives and regional matters.
Additionally, on the sidelines of Egypt’s energy exhibition EGYPES 2025, Christodoulides held a meeting with John Ardill, Vice President for Global Exploration at ExxonMobil.
ExxonMobil, along with partners from Qatar Petroleum, currently holds exploration licenses for two sections of Cyprus. They are actively drilling a new well near the existing Glaucus deposit, which is estimated to contain between 5 to 8 trillion cubic feet of gas.
Papanastasiou has conveyed that early indications from the new Elektra well, also situated in Cypriot waters, suggest promising signs of natural gas presence, with preliminary results anticipated in early April.
