Policy shift by Nicosia toward gas

Cyprus’ Minister of Energy George Papanastasiou announced that the country’s strategy regarding the exploitation of natural gas in its exclusive economic zone (EEZ) and other fields in the region will be decided after a workshop at the end of the month with the participation of energy companies in the Eastern Mediterranean.

This shift in the government’s energy policy now favors the exploitation of Cypriot natural gas and other natural gas fields in the region for power generation in Cyprus and the possibility of exporting liquefied natural gas to Europe.

Papanastasiou emphasized the need to take advantage of the European Union’s stance on natural gas as a “transition” fuel toward achieving the goals of the Green Agreement, with a substantial reduction in the cost of energy in Cyprus. The government aims to secure quantities of natural gas, mainly from the Eastern Mediterranean region, with its first natural gas discovery in December 2011 and quantities ranging from 12 to 15 trillion cubic feet discovered in the Cypriot EEZ since then.

The minister stressed the importance of having storage space in the electricity supply network so that the energy produced by renewable energy sources is not wasted.