At the Eastern Mediterranean Energy Conference in Limassol, Toula Onoufriou, Chairwoman of the Cyprus Hydrocarbons Company (CHC), unveiled a roadmap for developing an integrated offshore energy ecosystem.

The strategic plan of CHC outlines aspirations across three timeframes: Near Term, Mid Term, and Long Term. The goal is to establish Cyprus as a key player in sustainable and competitive energy solutions.

Over the next five years, CHC will focus on advancing natural gas exploration and development projects while navigating the ongoing energy transition's opportunities and challenges.

In the mid-term, within a decade, CHC aims for sustainable and competitive offshore natural gas production. This period will also see pilot projects testing offshore renewable energy applications.

Looking ten years ahead and beyond, CHC envisions establishing an integrated offshore energy ecosystem. This ambitious objective combines traditional and sustainable hydrocarbons with offshore wind and solar projects, electricity interconnectors, CO2 storage applications, and initiatives for both Green and Blue offshore hydrogen.

Onoufriou also mentioned Cyprus's initial steps in exploring Offshore Renewables and CO2 storage potential. CHC has engaged in preliminary studies and data collection. For instance, Episkopi Bay has been identified as a promising location for offshore wind farms, while CO2 storage assessments are underway in collaboration with various governmental and environmental organizations.

Onoufriou emphasized CHC's active role in projects supporting the development and implementation of technologies essential for an integrated and effective energy ecosystem in Cyprus.

Furthermore, she expects technological advancements to significantly influence the development of sustainable offshore and marine energy infrastructure, with Cyprus poised to contribute and benefit from these advancements.

Marios Menelaou, General Manager of the Natural Gas Public Company DEFA, shared the company's vision for environmentally sustainable and economically advantageous development through LNG and Natural Gas supply. He underscored DEFA's leading role in Cyprus's green transition and energy supply security.

Menelaou showcased a video demonstrating progress at the Vasiliko site and the transformation of the LNG carrier "Etyfa Promitheas" into a Floating Storage Regasification Unit (FSRU), which is 98% complete and soon to sail to Cyprus from a Shanghai shipyard.

Fabrizio Botta, Chief Commercial Officer of Saipem, commented on Cyprus's intriguing plan to become an energy hub and the importance of turning these aspirations into reality. He stated, "This is giving us more power to seek new opportunities in the country to support the main companies, international and local contractors, to finalise these dreams into reality in the coming months."