The working group of the Republic of Cyprus is ready to commence negotiations with the implementation body and the Greek Ministry of Energy to reach a comprehensive agreement on the Great Sea Interconnector, Energy Minister Giorgos Papanastasiou announced on Wednesday.

Responding to a report about "American concerns" regarding the interconnection cable, Papanastasiou clarified that the concerns are not from the U.S. government. Instead, the appointed evaluation firm, which happens to be American, has provided observations, recommendations, and proposed modifications to agreements suggested by the implementation body. These agreements primarily concern future investors and shareholders.

"We, as the Republic of Cyprus, have correctly appointed an evaluation firm—a reputable firm—that has made certain comments and suggestions," Papanastasiou explained.

The government has studied the issue thoroughly and is prepared to begin consultations with the implementation body and the Greek Ministry of Energy. “Our aim is to find common ground and reach a comprehensive agreement,” Papanastasiou stated.

The Republic of Cyprus must decide in the coming days whether to approve the development and production plan for the Aphrodite gas field (Block 12), the Minister added.

Speaking after the Cabinet meeting, Papanastasiou noted that the consortium has already submitted the plan, and approval would set new milestones for its implementation.

“Implementation means setting new benchmarks, and the consortium must follow through to advance the development of this specific gas field,” he said.

The drilling for the Helios target is set to begin in mid-January and is expected to conclude in the first quarter of 2025, Papanastasiou confirmed.

“Helios is a geological structure that shows promising signs, but we must wait for the drilling results to confirm its potential,” the Minister explained.

Following the Helios drilling, the rig will move to Block 10 to explore the Pegasus target, located near the Glafkos field.

“The Glafkos field is small, so the consortium aims to verify whether the geological structures in the area indicate additional quantities near Glafkos,” Papanastasiou added.