Nicosia, Cyprus. President Nikos Christodoulides on Wednesday called for an acceleration of Cyprus’ plans to extract natural gas offshore following a meeting with a Chevron delegation led by emerging countries chairman Javier La Rosa.
Talks with Chevron and partners
Christodoulides said the internal process related to an agreement with Chevron, Israel’s NewMed Energy, and the BG Group, owned by Royal Dutch Shell, concerning the Aphrodite gas field on Block 12 of Cyprus’ exclusive economic zone is close to completion.
He said that in light of international developments, the need to accelerate implementation of Cyprus’ energy plans has become more urgent.
Link to Europe’s energy priorities
Christodoulides said the plans are important for the wider region and the European Union, adding they are being developed and executed as energy security, diversification of sources, and Europe’s energy autonomy remain central to the European agenda.
European Council summit discussion
He said the issue was discussed at last week’s informal European Council summit in Nicosia, with leaders focusing more on energy supply after the conflict in the Middle East led to Iran closing the Strait of Hormuz, disrupting the global flow of oil.
According to Christodoulides, references at the summit to Cyprus’ natural gas supplies underscored the geostrategic importance of the eastern Mediterranean for the EU’s energy security.
Next steps on the Aphrodite agreement
Christodoulides said internal procedures for a new agreement on the Aphrodite field are expected to be completed within the coming weeks, with cabinet decisions to follow as part of an established action plan.
Regional cooperation and Egypt
He said he discussed the matter with Egyptian President Abdel Fattah El-Sisi, who attended the Nicosia summit, and said this confirmed the importance of regional cooperation to advance energy projects and connect the region’s energy to Europe’s needs.
Chevron signed a memorandum of understanding last year with the governments of Cyprus and Egypt, as well as with NewMed Energy and the BG Group, which the Cypriot government said established a framework for effective commercialisation of natural gas from the field.
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