12° Nicosia,
25 June, 2024

Cyprus aims for Vasilikos LNG terminal completion by 2024

Minister of Energy sets goal for reduced electricity costs

Newsroom / CNA

Cyprus aims to complete construction of the Liquified Natural Gas (LNG) terminal in Vasilikos by the end of 2024, according to Energy Minister George Papanastasiou on Monday. The project, part of the EU's Projects of Common Interest (PCI) with €101 million in funding, seeks to reduce electricity generation costs.

Construction of the LNG terminal was halted in late January following an appeal to a court of arbitration by the Chinese-led consortium CPP Metron. However, construction resumed after recent discussions between Papanastasiou and CPP officials.

Papanastasiou emphasized the importance of introducing LNG to significantly reduce electricity generation costs, especially since the majority of electricity is currently generated through conventional means.

Addressing future explorations in the Cypriot Exclusive Economic Zone (EEZ), Papanastasiou stated that the government is awaiting decisions from the ENI-led consortium regarding the Cronos gas field. The Cronos field, located in block six of the Cypriot EEZ, has estimated reserves between 2 and 3 trillion cubic feet.

The Minister highlighted the significant results from the Cronos field appraisal well, known as Crons 2, confirming the extension of the Cronos-1 discovery. He stressed the importance of linking these results to a development and production plan, along with other gas fields in the area.

Additionally, Papanastasiou mentioned that the Ministry anticipates an updated production plan for the Aphrodite gas field from the Chevron-led consortium by March 31. This plan is based on the development plan submitted in 2019, which included a floating production facility.

Cyprus  |  energy  |  Vasilikos

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