Cypriot Energy Minister Michalis Damianos announced that trade in natural gas with Egypt is set to begin in 2028. This process is a primary objective within the energy strategy of the Cypriot Administration. The minister emphasized the importance of quickly evaluating the natural gas reserves and stated that Egypt is a critical partner in this process.
In an interview with the Politis newspaper, Damianos expressed that the speed and sustainability required to establish autonomous export infrastructures in Southern Cyprus have become a priority. He also mentioned that focusing on the value created by the project rather than its cost would be more beneficial.
The minister noted that waiting for the construction of new infrastructures could significantly delay the commercial evaluation of natural gas, posing a threat to the sustainability of the projects. Damianos added that the “Kronos” reservoir in Block 6 is an example of this situation.
Damianos indicated that a final decision regarding investments in the Kronos reservoir was made in July, predicting that the first natural gas production would commence in 2028. The investment’s financial dimension is estimated to be around 2.2 billion dollars.
This project aims to transport natural gas through existing infrastructures connected to the “Zohr” reservoir in Egypt’s Exclusive Economic Zone. Damianos reported that approximately 20% of the gas from the Kronos reservoir would be sold in the Egyptian market, while the remaining portion would be exported via the liquefied natural gas terminal in Damietta.
As recent natural gas exploration activities off the coast of Cyprus have intensified, the Cypriot Administration continues to take cautious steps in this process. This cooperation with Egypt, in particular, holds the potential to change the energy dynamics in the region.
Source: www.diyaloggazetesi.com
