The confirmatory drilling A3 in the Aphrodite field was successfully concluded last week, announced Minister of Energy George Papanastasiou on Monday, indicating that positive developments are expected.

Addressing journalists' inquiries at a Green Energy Group event in Nicosia, Mr. Papanastasiou revealed that the drilling operations were completed on July 13, with some initial assessments, although unofficial, pointing towards encouraging prospects.

"The drilling has been successfully completed, with the drilling rig reaching a point that confirms the anticipated quantities. There might be further insights to be evaluated regarding the quality of the natural gas. However, it appears that our news is positive," he stated.

Emphasizing that this drilling took place at the core of the field, subsequent to two prior drills, one to the east and the other to the west, he added, "For the first time, drilling was attempted at the center of the field to validate the quantities and quality of natural gas, which were essentially anticipated."

Regarding the drilling process, he explained that while it is confirmatory in nature, it also serves as developmental drilling due to its depth, requiring minimal intervention. In response to a clarification query, Mr. Papanastasiou elaborated that the revised extraction plan for the field stipulates a target of early 2028, but it could potentially be achieved as early as 2027. 

"Hence, from a technical perspective, it is advantageous to be aware of a specific drilling that, if intervention is applied, can be utilized for further development," he further added.

The Minister noted that the results of the drilling are anticipated to be available by the end of August. Concurrently, they are considering providing a response to Chevron, the operating company, regarding the revised field development plan submitted approximately one and a half months ago. "We have until the end of August to provide our feedback on this plan. 

Therefore, these two events—the completion of the drilling and the submission of the field development plan—will be determinants for the Ministry's decision, which will subsequently be conveyed to the specific company," Mr. Papanastasiou explained.

In response to queries concerning the collaboration between the Republic of Cyprus, Egypt, and Israel, the Minister disclosed that the participants for the two technical committees were finalized recently. He reiterated that these committees were agreed upon between the Energy Ministers approximately one month ago, with one focusing on natural gas and hydrogen, and the other on the electricity interconnection between Cyprus and Israel. The committees are scheduled to commence their work by the end of the current month. 

Announcements pertaining to these discussions are expected to be made during the Trilateral meeting on July 26. When asked for additional details, Mr. Papanastasiou stated that specific goals to be achieved within defined timelines have been agreed upon.

Regarding other fields within Cyprus's Exclusive Economic Zone (EEZ), Mr. Papanastasiou noted the existence of fields slightly south of the EEZ, with the "Kronos" field being the most promising in terms of expedited development. The field is primarily managed by ENI, while TOTAL also holds involvement. Currently, efforts are underway to leverage the field's resources to generate revenue, initially to cover the company's expenses and subsequently benefiting the Republic of Cyprus.

Subsidies for electricity were also a topic of discussion. When questioned about DISY's stance on reinstating electricity subsidies due to the heatwave, Mr. Papanastasiou clarified that although this matter falls within the jurisdiction of the Ministry of Finance due to budgetary implications, extensive discussions have taken place at both the Ministry and Council of Ministers levels. The decision reached was not an easy one.

"At this stage, I believe it is prudent to target specific groups, rather than implementing horizontal subsidies that impose a significant burden on the state's finances. We will direct support towards vulnerable groups, including those adversely affected by high electricity costs. Further details regarding these measures will be announced in the coming days."