Cyprus is entering the final stretch toward the sustainable and commercial exploitation of its energy resources within its Exclusive Economic Zone (EEZ), positioning the Eastern Mediterranean as an important energy hub while also contributing to the EU’s efforts to strengthen energy security through the diversification of supply sources and routes, Minister of Energy, Commerce and Industry Michalis Damianos said on Tuesday following a Cabinet meeting.

According to Damianos, the Christodoulides government is now implementing one of the country’s most significant objectives regarding the utilization of the natural wealth located in the EEZ of the Republic of Cyprus.

“With steady steps and a clear strategy, we are moving forward with actions that will lead to the production of the first Cypriot natural gas by early 2028. Within this framework, the Cabinet approved two highly important proposals submitted by the Ministry of Energy, Commerce and Industry during today’s session,” he said.

Specifically, he noted that the development and production plan for the “Cronos” field was approved, along with a package of agreements, including the key terms of the field’s Natural Gas Sale Agreement.

“Based on these approvals, the Eni – TotalEnergies consortium will immediately proceed with the final investment decision for the ‘Cronos’ field, opening a new historic chapter for Cyprus’ energy trajectory. After nearly two decades of intensive exploration activities and major discoveries, the country is taking the decisive step from exploration to production, with the goal of bringing the first Cypriot natural gas to market by 2028,” he added.

He further stated that the development of “Cronos” substantially strengthens Cyprus’ strategic position during a period of intense geopolitical developments, while also reinforcing the network of partnerships the country has developed with allies such as Egypt, France, and Italy, further enhancing its geostrategic presence in the region.

According to the Minister, the second proposal approved concerns the key terms of the Natural Gas Sale Agreement for the “Aphrodite” field in Block 12 of the Cypriot EEZ, with the licensed consortium of Chevron, BG, and NewMed Energy expected to proceed with an investment decision within 2027.

He added that the two commercial agreements for the “Cronos” and “Aphrodite” fields will be signed on behalf of the Republic of Cyprus by himself and are considered precursors to the final Natural Gas Sale Agreements.

“Today’s development marks a milestone for the energy program of the Republic of Cyprus. Cyprus is now in the final phase toward the sustainable and commercial exploitation of its energy resources within its EEZ, positioning the Eastern Mediterranean as a significant energy hub while also contributing to the EU’s efforts to strengthen energy security through the diversification of supply sources and routes,” he said.

“The development of the fields within the EEZ of the Republic of Cyprus marks the country’s transition into an energy-producing nation, strengthening its credibility among existing investors and license holders while creating the conditions to attract new investments. In this way, the foundations are being laid for a strong local energy industry that will support economic growth and the creation of new, high-quality jobs,” he concluded.

Source: CNA