cyprus gas — Cabinet decisions on Tuesday have advanced the process of bringing Cyprus gas to market, according to Energy Minister Michael Damianos. He emphasised that with careful planning, the country aims to produce its first natural gas by early 2028.
- As Cyprus moves closer to becoming an energy producer, it aims to enhance its credibility among existing license holders and attract new investments into the sector.
Cyprus gas: Development Plans for Key Gas Fields
The cabinet approved a development and production plan for the Kronos gas field, alongside the basic terms of sale for gas from the Aphrodite prospect. These proposals were initiated by Damianos’ ministry, paving the way for significant energy advancements in the region.
Key Players in Cyprus’ Energy Sector
The Kronos field, located in Block 6 of Cyprus’ exclusive economic zone (EEZ), is operated by ENI, an Italian company, in partnership with France’s Total Energies. Meanwhile, the Aphrodite reservoir, situated in Block 12, is managed by a consortium including Chevron, BG, and NewMed Energy.
Investment Decisions on the Horizon
Damianos noted that the partners in the Aphrodite project are expected to make a final investment decision within the next year. This move is seen as essential for monetising the gas reserves, further solidifying Cyprus’ role in the eastern Mediterranean’s energy landscape.
A Historic Shift for Cyprus
“Based on these approvals, the consortium of ENI-Total Energies will quickly go ahead with taking a final investment decision on the Kronos reservoir, turning a new historic page in Cyprus’ energy trajectory,” Damianos stated. The minister highlighted that after nearly two decades of exploration and discoveries, Cyprus is transitioning from exploration to production.
Significant Gas Reserves Identified
Discovered in 2022, the Kronos field contains an estimated 3.4 trillion cubic feet (tcf) of recoverable natural gas. The Aphrodite prospect, which was identified in 2011, holds about 3.6 tcf. These substantial quantities promise to bolster both the local economy and Cyprus’ strategic position in regional energy matters.
Strengthening Regional Partnerships
Damianos expressed optimism that the anticipated monetisation of these gas fields would enhance partnerships with Egypt, France, and Italy, thereby strengthening Cyprus’ geo-strategic presence. The developments are expected to contribute to the eastern Mediterranean becoming a pivotal energy hub, aligning with the EU’s objectives for energy security through diversification of resources.
Looking Ahead to New Investments
The minister also remarked that he would be signing commercial agreements on behalf of Cyprus for both reservoirs when the time comes. These agreements are seen as precursors to the final gas sales contracts, marking an important step in the country’s energy future.
As Cyprus moves closer to becoming an energy producer, it aims to enhance its credibility among existing license holders and attract new investments into the sector.
