Nicosia, Cyprus. Cabinet decisions taken on Tuesday set in motion the process to take the first Cypriot natural gas to market, Energy Minister Michael Damianos said. He said the first production is planned for early 2028.
Cabinet approvals for Kronos and Aphrodite
Damianos said the cabinet approved a development and production plan for the Kronos gas field and also approved the basic terms of sale of gas from the Aphrodite prospect, based on two proposals submitted by his ministry.
Kronos field operators and resources
The Kronos field is in Block 6 of Cyprus’ exclusive economic zone (EEZ). It is operated by Italian company ENI, partnered with France’s Total Energies. Discovered in 2022, Kronos holds an estimated 3.4 trillion cubic feet (tcf) of recoverable natural gas.
Aphrodite partners and next steps
The Aphrodite reservoir lies in Block 12, held by a consortium of Chevron, BG and NewMed Energy. Damianos said the Aphrodite partners will take a final investment decision to monetise Aphrodite sometime next year. Discovered in 2011, the Aphrodite prospect holds around 3.6 tcf.
Timeline and investment decisions
Damianos said that following the approvals, the ENI-Total Energies consortium will move quickly toward a final investment decision on the Kronos reservoir. He said Cyprus is moving from exploration to production, with the first Cypriot gas slated to reach markets in 2028.
What do you expect Cyprus’ move from exploration to production to change in its energy sector?
