Cyprus plans to deliver its first natural gas exports to Europe through Egypt in 2028, Cypriot President Nikos Christodoulides announced at a Cabinet meeting, describing the development as the most significant milestone since gas was first discovered in Cyprus’ Exclusive Economic Zone (EEZ) in 2011. The Cabinet has approved the development and production plan for the Cronos reservoir, along with all related commercial agreements, marking the country’s formal transition from exploration to exploitation of its gas resources.
In a parallel development, Egyptian Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding between Egypt’s Ministry of Petroleum and Mineral Resources, ExxonMobil, and partner QatarEnergy to maximise the use of Egypt’s natural gas infrastructure and explore linkage with Cypriot gas fields. The partnership is expected to boost the economic value of Cyprus’s gas discoveries and foster regional energy integration across the Eastern Mediterranean.
The Cronos field, discovered in 2022 by Eni and TotalEnergies in Block 6 of Cyprus’ EEZ, is a cornerstone of the Eastern Mediterranean gas corridor. ExxonMobil and QatarEnergy are also developing Cyprus’s Glaucus and Pegasus fields in Block 10, with options being assessed to transport gas to Egypt for liquefaction and onward export to European markets.
The deals build on a framework agreement signed between Cairo and Nicosia earlier this year, as well as a 15-year agreement signed by the Egyptian Natural Gas Holding Company (EGAS) to purchase the entire output of Cyprus’s Aphrodite gas field, with a five-year extension option. Egypt is positioning itself as the critical hub for Eastern Mediterranean gas flows into Europe, leveraging its existing LNG liquefaction and export infrastructure.
Source: egyptoil-gas.com