Cyprus is on the final stretch for the sustainable and commercial exploitation of its energy resources in its EEZ, making the Eastern Mediterranean an important energy hub and contributing, at the same time, to the EU's efforts to strengthen energy security through the diversification of sources and routes, the Minister of Energy, Trade and Industry, Michael Damianos has said, in statements after the end of the Cabinet.
According to Damianos, the Christodoulides government is currently implementing one of the most important goals for the exploitation of natural wealth in the Exclusive Economic Zone (EEZ) of the Republic of Cyprus.
"With steady steps and specific planning, we are proceeding with actions that lead to the production of the first Cypriot natural gas in early 2028. In this context, the Cabinet, during its meeting today, approved two very important proposals from the Ministry of Energy, Commerce and Industry," he continued.
Specifically, as he noted, the Development and Production Plan for the Cronos field was approved, as well as a set of agreements, including the basic terms of the field's Natural Gas Sales Agreement.
"Based on the above approvals, the Eni - TotalEnergies Consortium is proceeding immediately to make the final investment decision for the Cronos field, opening a new historical page for the energy course of Cyprus. After almost two decades of intensive research activities and significant discoveries, the country is taking the decisive step from research to production, with the aim of the first Cypriot natural gas reaching the market in 2028," he noted.
He added that the development of Cronos essentially strengthens Cyprus' strategic position in a period of intense geopolitical developments, while at the same time, it strengthens the network of collaborations that the country has developed with partners such as Egypt, France and Italy, further strengthening its geostrategic presence in the region.
According to the Minister, the second proposal that was approved concerns the basic terms of the Natural Gas Sale Agreement of the Aphrodite field, in Block 12 of the Cypriot EEZ, with the licensed consortium of Chevron, BG and NewMed Energy proceeding to make an investment decision within 2027.
He added that the two commercial agreements for the Cronos and Aphrodite fields will be signed by him on behalf of the Republic of Cyprus and that these are considered the precursor to the final Natural Gas Sales Agreements.
"Today's development is a milestone for the energy program of the Republic of Cyprus. Cyprus is now on the final stretch for the sustainable and commercial exploitation of its energy resources in its EEZ, making the Eastern Mediterranean an important energy hub and contributing, at the same time, to the EU's efforts to strengthen energy security through the diversification of sources and routes," he said.
"The development of deposits in the EEZ of the Republic of Cyprus marks the country's transition to an energy producer, strengthening its credibility with existing investors and licensees and creating the conditions for attracting new investments. In this way, a strong local energy industry is being established that will support economic growth and the creation of new, quality jobs," he concluded.
(Source: InBusinessNews)
