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25 May, 2024
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When will Cypriots begin to reap the benefits of natural gas?

There is an increasing international interest in the sale of natural gas from many countries

Minister of Energy, Trade, and Industry Natasha Pileidou hailed the discovery of a natural gas deposit in Block 6 of the Cypriot EEZ as a very positive development. Given the energy challenges the European Union is facing, Ms. Pileidou said on the "Diaspora News" program that this is good news because it provides a market for both Cyprus's and the EU's supply.

When asked when Cypriots will be able to reap the benefits of the deposits, the Energy Minister stated that Aphrodite will be operational in 2027. She stated that by 2027, the company should have completed its final development plan, which we anticipate in the coming weeks. Then it should be approved by the Ministry, and the company should immediately begin the necessary studies so that the final investment decision, which is considered to be positive, can be made and the pipeline construction can begin. She made it clear that the consortium must follow the timelines outlined in its contract.

She also clarified that developing a field on its own, without infrastructure, is clearly more difficult than developing fields in neighboring blocks such as ENI and TOTAL's 6 and 7, and Exxonmobil's 5 and 10. Additionally, sh e emphasized that the greater the volume added to the fields, the more viable the investments become.

In terms of field exploitation, Pileidou stated that the sale of gas has many prospects, and several countries have expressed interest. Concerning the transportation of gas to Egypt, the Energy Minister stated that it is up to the companies to determine how the scenarios can be exploited on a financial and technical level.

[This article was translated from its Greek original]

Cyprus  |  energy  |  Europe

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