A new significant boost to the energy cooperation between Cyprus and Egypt was given in Cairo.
The President of the Republic of Cyprus, Nikos Christodoulides, and his Egyptian counterpart, Abdel Fattah El-Sisi, signed (17/2) agreements concerning the natural gas sector. At the same time, the two leaders discussed issues of regional stability and bilateral relations.
Today’s development confirms the strategic role of Cyprus and Egypt in the energy sector, with the two countries seeking a mutually beneficial cooperation, which will have a positive impact on the wider region.
According to an announcement by the Cyprus Presidency, President Christodoulides arrived in Cairo this morning, where he attended, together with his Egyptian counterpart, the signing ceremony of an Agreement and Memorandum of Understanding between the Republic of Cyprus, Egypt and the companies operating in the Cypriot Exclusive Economic Zone (EEZ).
Specifically, a Memorandum of Understanding was signed between the Republic of Cyprus, Egypt and the licensees (Chevron Cyprus Limited, NewMed EnergyLP, BG Cyprus Limited) for the development of the “Aphrodite” natural gas field.
The Host Country Agreement for the development of hydrocarbons in Block 6 of the EEZ of the Republic of Cyprus, establishes the framework within which the licensed consortium (ENI/TOTAL), as well as Egypt as the Host Country, will work together for the commercialization of the Natural Gas deposits discovered within the block (Kronos, Zeus, Calypso).
Discovered in 2022 and subsequently appraised in 2024, Cronos gas in place is estimated at more than 3 trillion cubic feet (TCF). Additionally, Block 6 encompasses further potential resources under exploration and appraisal, including the Zeus discovery made in 2022.
Eni has been present in Cyprus since 2013. Block 6 is operated by Eni holding a 50% interest. Eni also operates Block 8 and has participating interests in Blocks 7 and 11.
In addition to the Energy sector, the cooperation between the two countries in various sectors was further discussed, such as Tourism, Trade, Investments, as well as the issue of seasonal employment of Egyptians in Cyprus.
The further strengthening of the energy alliance between Cyprus and Egypt is expected to contribute to the formation of a more secure and stable environment in the region, making the two countries key players on the energy chessboard of the Eastern Mediterranean.