The ENI–TotalEnergies consortium is expected to take its Final Investment Decision (FID) for the “Cronos” gas field within June, Cyprus Minister of Energy, Commerce and Industry, Michael Damianos, has said.
Speaking to CNA, he added that the agreements for Cronos approved by the Cabinet in May are also expected to be signed during the month.
The consortium appears to have already proceeded with certain payments and, as a result, the adoption of its final investment decision is considered almost certain in the near future, particularly in light of the agreements approved by the Cabinet in May.
According to the Minister, “the agreements will be signed within June, because ENI is expected to move forward with the FID during this period.”
Regarding the “Aphrodite” field, the Minister noted that preliminary agreements for the sale of natural gas have already been signed. “Over the coming months, the final agreements will also be concluded,” he said, reminding that Chevron's deadline for completing the FEED (Front-End Engineering Design) phase for Aphrodite expires in January 2027.
Cyprus–Greece–Israel to visit the U.S. in 3+1 format on energy
The Minister also said that he will travel to Washington next week as part of the 3+1 format with Greece and Israel to discuss Eastern Mediterranean energy issues.
The United States has interests in the region through companies such as Chevron and ExxonMobil. In addition, the Great Sea Interconnector (GSI) project is part of the picture, with the U.S. reportedly supporting the idea of electrically linking Israel to Europe via Cyprus. Furthermore, the presence of American companies in the region is considered politically important for broader geostrategic reasons.
However, no major agreement is expected to emerge from the meeting in the United States, as the issue of the “Ishai” field is not expected to have been resolved by then.
According to CNA's sources, negotiations regarding Ishai are ongoing, with the most recent call taking place last week. Sources indicate that the two sides are close to reaching agreement on the commercial aspects of the matter. Nevertheless, because first gas production from Aphrodite is not expected until 2030–2031, neither side appears willing to make concessions under time pressure.
Consultations with Exxon on Block 4
Meanwhile, the President of the Republic, Nikos Christodoulides, recently announced that “further announcements will be made very soon", regarding Exxon, as advanced consultations are currently underway.
According to CNA sources, Exxon has expressed interest in offshore Block 4, while sources indicate that developments on the matter are expected from September onward.
(Source: CNA)
