NICOSIA, Cyprus (AP) — Cyprus' president hailed the recent agreements as a significant step in energy cooperation, emphasizing the impact on the regional energy landscape. The first agreement involves piping natural gas from the Cronos deposit to Egyptian facilities for liquefaction and export to markets, including Europe. The Eni-Total consortium, holding licenses for exploration in Cyprus' offshore economic zone, will decide on gas extraction methods by summer.
The Cronos deposit's size remains undisclosed but is believed to surpass the Aphrodite deposit, which contains an estimated 4.5 trillion cubic feet of gas. The second agreement outlines the development and monetization framework for the Aphrodite deposit, including plans for a floating platform and pipeline link to Egypt.
The Cypriot government and a consortium led by Chevron recently approved a revised plan for the Aphrodite deposit. Discussions are ongoing regarding the use of Aphrodite gas for Egypt's domestic needs or export purposes.
Cyprus and Egypt are also exploring future energy cooperation goals, with discussions held at Egypt's energy exhibition EGYPES 2025. ExxonMobil and partners Qatar Petroleum are drilling a new well near the Glaucus deposit, estimated to hold 5 to 8 trillion cubic feet of gas.
Preliminary results from the Elektra well in Cypriot waters are expected in early April, with positive indications of natural gas quantities. These developments mark a significant milestone in the energy landscape of the eastern Mediterranean region, with Cyprus and Egypt at the forefront of enhancing energy cooperation and exploration.
