Cairo: Nicosia's and Cairo's political will to advance the exploitation of the Cypriot natural gas fields "Cronos" and "Aphrodite" through Egypt is reaffirmed by the new agreement signed on Monday, Energy Minister Michael Damianos told the Cyprus News Agency. The Minister is in Cairo with President Nikos Christodoulides for the 2026 EGYPES Conference.
According to Cyprus News Agency, on the sidelines of the conference, the two countries signed a new framework agreement for the development of natural gas discoveries in Cyprus' exclusive economic zone, in the presence of Cyprus and Egypt Presidents Nikos Christodoulides and Abdel Fattah al-Sisi. Damianos emphasized that the agreement reaffirms the strategic choice of the two countries to export Cypriot natural gas to Egypt.
He explained that the new agreement signed with Egypt does not differ from the previous one but essentially consolidates the 'Kronos' and 'Aphrodite' blocks in terms of the intentions expressed to transfer the deposits to Egypt. The agreement explicitly refers to these two blocks, which have been selected as the first to be exploited using Egyptian infrastructure.
A central element of the agreement, as highlighted by the Minister, is the establishment of a joint technical committee tasked with negotiating the terms of the natural gas sale. This committee will operate at a technical level to examine commercial and technical parameters, aiming to optimally utilize Cypriot hydrocarbons and address part of Egypt's energy needs.
Damianos stressed that the agreement serves as a political confirmation of the chosen direction by the two countries, while the implementation of projects largely depends on the companies operating in the blocks. He noted that the objectives are being resumed, particularly concerning the existing deposits, to advance them further.
The Minister mentioned that the intention is political, and from there onwards, it is up to the companies to progress, although it appears they are already doing so. During his visit, Damianos attended a meeting between the President and his Egyptian counterpart, and contacted the CEO of TotalEnergies, Patrick Pouyanne.
Separate meetings were also scheduled with major energy companies operating or interested in operating in the Cyprus EEZ, including ExxonMobil and BP. Damianos announced his participation in a roundtable discussion titled 'Energy priorities, geopolitical realities and international security', alongside the Secretary General of the European Commission's Energy Committee and his Egyptian counterpart.
The discussion focuses on geopolitical developments and their impact on energy security and investment in the Eastern Mediterranean. Damianos further informed the Cyprus News Agency of an informal online EU Council of Energy Ministers meeting on Tuesday, chaired by Cyprus, which currently holds the EU Presidency.
The European Commissioner for Energy, Dan Jorgensen, will participate in the session to exchange views on measures taken by member states and potential joint European initiatives. The Minister stated that the aim is to exchange views on ensuring the security of supply and addressing price increases.
Recent measures announced by the Cyprus Government for the energy sector, as part of the broader European debate on the impact of the Middle East crisis on energy markets, will also be presented during the Council.