Limassol: Recognising Cyprus’ strategic geopolitical position, the government is dedicated to enhancing the country’s role across pivotal sectors, particularly energy, as stated by Minister of Energy, Commerce and Industry, George Papanastasiou, during the Eastern Mediterranean Energy Conference and Exhibition (EMC 2025) in Limassol.
According to Cyprus News Agency, the Minister highlighted the importance of regional coordination to achieve common objectives in Energy Transition and Energy Security. He stressed Cyprus’ role in leading and supporting various bilateral and multilateral initiatives, emphasizing the shared values and principles with regional partners, which have encouraged deeper consultation and collaboration.
The government’s strategy for providing affordable, secure, and cleaner energy to all consumers, including households and businesses, is anchored on four main pillars. The first pillar focuses on Renewable Energy, with efforts to increase the integration of renewable sources into the country’s energy mix, upgrade the electricity grid, and invest in storage systems for enhanced efficiency and stability. The second pillar is LNG Import and Regasification, with a commitment to delivering the Floating Storage and Regasification Unit (FSRU) project, a crucial component for conventional energy production on the island.
The third pillar involves Regional Electrification, prioritizing the connection of Cyprus’ electricity grid with those of Greece and Israel to end the country’s energy isolation, enhance supply security, and create opportunities for energy exports. The final pillar is the Exploitation of Cypriot Gas Reserves, with significant progress in exploration efforts leading to six major discoveries and plans for further exploration.
The Minister expressed confidence in Cyprus’ potential to become a natural gas producer, with monetisation options under consideration, including the use of existing infrastructure in Egypt and new technologies like Floating Liquefied Natural Gas (FLNG). Immediate initiatives focus on progressing the Cronos and Aphrodite discoveries, with plans to finalize the Cronos development by year-end and advance the Aphrodite project within the same timeframe.
The policy framework guiding the exploitation of Cyprus’ Gas Resources is based on four value drivers: Development Speed, Creation of Cyprus EEZ Infrastructure, Production, and Economic Benefits. These efforts aim to align with license holders and project partners to achieve common objectives.
In closing, Minister Papanastasiou acknowledged the successful execution of the Pegasus discovery well and reiterated the importance of ongoing exploration efforts to unlock Cyprus’ hydrocarbon potential and bolster the exploitation strategy.