Nicosia: The Republic of Cyprus (RoC) is poised to become a pivotal energy partner for the European Union in the Eastern Mediterranean, enhancing the region’s energy security, according to George Papanastasiou, the Minister of Energy, Commerce and Industry. Speaking at the 20th Annual Cyprus Summit in Nicosia, Papanastasiou emphasized Cyprus’s role as a member state of the EU and its potential as a reliable energy conduit amid trilateral and multilateral cooperation in the region.
According to Cyprus News Agency, Papanastasiou highlighted the active pursuit by countries in the region, including EU member states, for energy solutions to ensure an uninterrupted supply while also mitigating climate change impacts. He underscored the necessity of state and corporate synergies, supported by the EU, to exploit the Eastern Mediterranean’s energy resources, which could provide an alternative energy pathway to Europe.
Papanastasiou further elaborated on the potential energy corridor, initially through natural gas tr
ansport via pipelines or ships as liquefied natural gas. In the longer term, this could include hydrogen and green energy exports to Europe via electrical connections, such as the Greece-Cyprus-Israel electricity interconnection project, which is currently progressing with cable construction and sea exploration.
The Minister noted Cyprus’s commitment to financially support the project to avoid burdening local electricity consumers and attract potential investors. The European Investment Bank and government advisors are evaluating Cyprus’s participation in the project’s equity.
Papanastasiou outlined Cyprus’s strategic plans for the Eastern Mediterranean energy corridor and its transformation into an energy hub. Plans include the importation and regasification of LNG at the ETYFA terminal and exploring options for gas importation via pipeline. He provided updates on the Aphrodite field’s development and production plan and the Kronos gas discovery by ENI and Total Energies, with the aim of accelerating gas p
roduction by 2027.
ExxonMobil’s Vice-President for Global Exploration, John Ardill, emphasized natural gas’s role in replacing higher-emission energy sources and its potential for conversion into hydrogen. Ardill noted ongoing seismic data collection and outlined plans for exploratory drilling in Cyprus.
Matthew Bryza, a former US official, commented on Cyprus’s potential as a natural gas source for the EU but noted the challenges posed by insufficient discoveries and the need for significant subsidies for the subsea pipeline project.
Janet Shalom from Israel’s Ministry of Energy and Infrastructure emphasized natural gas’s role in facilitating regional connectivity and cooperation, while also exploring new technologies like hydrogen.
The Energy Minister reiterated Cyprus’s willingness to engage in meaningful discussions with Turkey if international law and regional respect are upheld. The government’s plans for the Aphrodite field remain on track, with expectations of a comprehensive plan by mid-January.
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xxonMobil’s Ardill detailed forthcoming drilling operations in Cyprus’s EEZ, expressing optimism about the prospects and the potential for standalone developments.