Energy Minister Michalis Damianos confirmed that Cyprus’s energy roadmap is progressing as planned, with Chevron's final investment decision expected in 2027 and first gas from the Aphrodite field targeted by 2030 or 2031.

The Republic of Cyprus’ energy programme remains on schedule, Energy Minister Michalis Damianos said, adding that first gas from the Aphrodite field is expected by the end of 2030 or in 2031.

NewMed Disclosure and Gas Export Terms

Asked about an announcement issued on Wednesday by NewMed on the signing of a memorandum for the sale to the Egyptian Natural Gas Holding Company (EGAS) of all recoverable natural gas volumes from the Aphrodite field, located in Block 12 of Cyprus’ Exclusive Economic Zone, Damianos said the company was required to make the announcement because it is publicly traded.

He said the agreement concerns the development of the Aphrodite field, with the gas to be transported to Egypt “in line with the agreements reached so far with our partners”.

Investment Timelines and Final Decision Expectations

“The energy programme is progressing as planned. We expect the final investment decision in January 2027, with Chevron also expected to take its final investment decision that year. This means that within four years, by the end of 2030 or in 2031, we expect first gas from Aphrodite,” he added.

“This is the energy programme, these are the timelines and, at present, everything is proceeding according to schedule,” the Minister concluded.

Source: CNA(ΚΥΠΕ)