Cyprus to get gas benefits starting 2027

Cyprus’ Minister of Energy, Trade, and Industry Natasa Pilides hailed the discovery of a natural gas deposit in Block 6 of the Cypriot exclusive economic zone as a very positive development. Given the energy challenges the European Union is facing, Pilides stated on Thursday that this is good news because it provides a market for both Cyprus’ and the EU’s supply.

When asked when Cypriots will be able to reap the benefits of the deposits, the minister stated that Aphrodite will be operational in 2027. She stated that by that year, the company should have completed its final development plan, which is expected 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.

Pilides 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.