Nicosia, Cyprus. Cyprus and the United States are deepening cooperation in energy, trade and investment, a trend Energy Minister Michael Damianos said is increasingly becoming a strategic necessity for regional stability and transatlantic energy security.
Energy cooperation and offshore gas plans
Speaking at an event organised by the American Chamber of Commerce (AmCham) in Cyprus, Damianos said Cyprus’ natural gas prospects and the participation of major US companies are creating opportunities for economic growth, energy diversification and regional stability.
He highlighted the planned commercial exploitation of the Aphrodite field in Block 12, which is expected to involve a floating production unit in Cyprus’ exclusive economic zone (EEZ) and exports via an undersea pipeline to Egypt. He said the project underlines the geopolitical and economic importance of cooperation with the United States.
Production from the Aphrodite field is expected to begin in early 2030, following a final investment decision.
US companies’ role in Cyprus’ EEZ
Damianos said the presence of ExxonMobil in Cyprus’ EEZ is a key pillar of the strategic partnership, following the discovery of gas deposits in the Glaucus and Pegasus fields, which were declared commercially viable on March 30.
He added that US companies such as SLB and Halliburton are supporting offshore activities in the region, reinforcing Cyprus’ role as a regional hub for energy services.
Upcoming meetings in June
The minister is set to visit the EU in June to participate in a 3+1 energy meeting involving Cyprus, Greece, Israel and the United States, as well as the Atlantic Council’s global energy forum.
Trade and exports to the United States
Damianos said Cypriot exports to the United States more than doubled last year, rising from €24 million in 2024 to around €51 million in 2025.
He said halloumi remained the main export product to the United States, totalling €11 million in 2025.
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