We warmly welcome today’s signing of the two agreements in Egypt of major geostrategic, energy and economic importance, as they pertain to the commercialization of natural gas in Cyprus’ Exclusive Economic Zone.
The first agreement involves a Memorandum of Understanding signed between Cyprus, Egypt and the energy consortium comprising Chevron Cyprus Limited, BG Cyprus Limited (Shell), and NewMed Energy for the development and production plan (DPP) for the Aphrodite gas field. The DPP includes a Floating Production Unit within Cyprus’ Exclusive Economic Zone and a pipeline to transport natural gas to Egypt. This aims to advance technical and engineering studies under the front-end engineering studies (FEED) phase, paving the way for a final investment decision (FID) on the project.
The second Host Government Agreement with Eni Cyprus Limited and TotalEnergies EP Cyprus B.V, in coordination with Egypt, involves the transportation of natural gas from an undersea deposit inside Cypriot waters to Egypt, where it will be liquefied and processed for export.
We look forward to the timely implementation of these historic Agreements, which represent a major step forward in boosting Cyprus’ energy independence, reinforcing our country’s commitment to regional cooperation, with the potential of also enhancing European energy security by offering an alternative source of supply amidst ongoing global challenges.