Nicosia's and Cairo's political will to advance the exploitation of the Cypriot Cronos and Aphrodite natural gas fields through Egypt is reaffirmed by the new agreement that has been signed, Energy Minister Michael Damianos has said.
The Minister was in Cairo with President Nikos Christodoulides on 30 March for the 2026 EGYPES Conference.
On the sidelines of the conference, the two countries signed a new framework agreement for the development of natural gas discoveries in Cyprus' exclusive economic zone, in the presence of Cyprus and Egypt Presidents Nikos Christodoulides and Abdel Fattah al-Sisi.
Damianos told the Cyprus News Agency that the agreement reaffirms the strategic choice of the two countries to export Cypriot natural gas to Egypt.
He said that the new agreement signed with Egypt does not differ from the one signed in the past but essentially, he explained, brings together the Cronos and Aphrodite blocks as regards the intentions expressed to transfer the deposits to Egypt.
Minister Damianos further said that the agreement is of a more general nature, however, it explicitly refers to the two blocks, which have already been selected as the first to be exploited through Egyptian infrastructure.
A central element of the agreement, he said, is the establishment of a joint technical committee, which will undertake the negotiation of the terms of the natural gas sale.
The Minister pointed out that, in essence, a joint committee will be created regarding the sale of natural gas to Egypt or to Egyptian state-owned companies.
He added that the committee will operate at a technical level and will examine both commercial and technical parameters, with the aim, as noted in the official framework, of optimally utilizing Cypriot hydrocarbons and covering part of Egypt’s energy needs.
Damianos stressed that the agreement is mainly a political confirmation of the direction that the two countries have already chosen, while the implementation of the projects depends, to a large extent, on the companies operating in the blocks.
He went on to say that the objectives are resumed, particularly with regard to the existing deposits, ''in order to push them forward.''
The Minister said that the intention is a political one and from there onwards, it is up to the companies to move forward, ''but it seems that they are moving forward''.
The Energy Minister attended a meeting the President held with his Egyptian counterpart, as well as the contact with the CEO of TotalEnergies, Patrick Pouyanné.
At the same time, separate meetings were scheduled with major energy companies operating or interested in operating in the Cyprus EEZ, including ExxonMobil and BP.
Damianos also announced that he is participating in a roundtable discussion named “Energy priorities, geopolitical realities and international security”, together with the Secretary General of European Commission’s Energy Committee and his Egyptian counterpart.
The discussion focuses on geopolitical developments and how they affect energy security and investment in the Eastern Mediterranean.
Damianos further told the Cyprus News Agency that an informal online EU Council of Energy Ministers will be held on Tuesday, 31 March at 4pm Cyprus time and which will be chaired by Cyprus as the island currently holds the EU Presidency.
The European Commissioner for Energy, Dan Jorgensen, will also participate in the session, with the aim of exchanging views on the measures taken by the member states and possible joint European initiatives.
The Minister said that the aim is to exchange views on ensuring security of supply and addressing price increases.
Recent measures announced by the Cyprus Government for the energy sector, as part of the broader European debate on the impact of the Middle East crisis on energy markets will also be presented during the Council.
(Source: CNA)
