Cyprus gas could fuel Egypt’s LNG comeback - CYPRUS MAIL

Friday 28 August | 14:53

Souzana Psara

Egypt’s gas sector is running short of domestic supplies just as Cyprus prepares to become a producer, with the recently approved Kronos project offering benefits to both countries and Europe, according to an OilPrice report.

Natalia Katona said that the project offers a three-way bargain, with up to 2.8 million tonnes of liquefied natural gas (LNG) a year expected from 2028. Cyprus gains an export route it cannot economically build alone, Egypt secures feedstock for infrastructure increasingly constrained by falling domestic production, and Europe gains another non-Russian source. However, the report cautions that technical, commercial and geopolitical risks could still derail the emerging corridor.

Egypt’s need for new gas sources is becoming urgent. Natural gas production fell 7 per cent year on year to 109.3m cubic metres a day in the second quarter of 2026, extending a decline that began after national output peaked in 2021. The deterioration remains concentrated in the offshore Mediterranean, while stronger production in the onshore Western Desert has been insufficient to reverse the trend.

French boost for project to link power grids of Greece and Cyprus - KATHIMERINI

05.08.2026 • 17:32

The bid to link the power grids of Greece and Cyprus received a new boost Wednesday with French investment group Meridiam joining the Great Sea Interconnector project as a majority stakeholder, in an agreement with a strong financial and geopolitical footprint.

The deal signed at the Greek prime minister’s Athens office, in the presence of Kyriakos Mitsotakis, opens a new chapter in one of the biggest and most complex energy projects in the eastern Mediterranean Sea.

Mitsotakis hailed the agreement as “an important step forward” for the GSI, which he called “a project of strategic importance for Greece and Cyprus but also for Europe as a whole.”

“It will help essentially end Cyprus ‘s energy isolation,” Mitsotakis said.

Shell agrees to sell BG Cyprus Limited - SHELL

31 Jul 2026

London – Shell has reached an agreement to sell its 100%-owned subsidiary BG Cyprus Ltd. to MOL Group for up to $720 million, subject to customary adjustments and milestone-linked contingent payments.

BG Cyprus Ltd. holds a 35% non-operated interest in the Cyprus Offshore Block 12, containing the Aphrodite gas field in the eastern Mediterranean. All produced gas is expected to be sold to the Egyptian Natural Gas Holding Company (EGAS). Shell has worked with the Government of Cyprus and the joint venture partners to progress the Aphrodite project to this point and selling to MOL Group will allow Shell to capture the value created, while the remaining project partners work towards a final investment decision.

“We believe Aphrodite remains an attractive development opportunity and will play an important role in supporting regional energy needs,” said Cederic Cremers, Shell’s Integrated Gas President. “Our decision to exit is driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain.”

Egypt remains an important country for Shell, where we continue to have a significant presence.

The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.

San Donato Milanese (Milan), 28 July 2026 - Eni has reached the Final Investment Decision (FID) to develop Cronos project, in deep waters offshore Cyprus, with the target to bring the first Cypriot gas to market in 2028.

The project, operated by Eni, will bring to production the gas volumes from Cronos field, in Block 6, which holds more than 3 Tcf of gas initially in place (GIIP). Production is expected to reach a plateau of 500 mmscf/d; gas will be transported and processed in existing Zohr facilities, in Egypt, then transferred and liquefied in Damietta LNG plant for export as LNG to international markets, primarily Europe.

Eni CEO Claudio Descalzi commented: “Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure. It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply”.

‘Goal is to sell first Cyprus gas in 2028’ - CYPRUS MAIL

Tuesday 19 May
Tom Cleaver

Cabinet on Tuesday approved the development and production plan for the Kronos gas field, which is located in Block 6 of Cyprus’ Exclusive Economic Zone (EEZ), with President Nikos Christodoulides stressing the importance of the plan’s approval ahead of the day’s cabinet meeting.

“Let me remind you that the first discovery in the Republic of Cyprus’ Exclusive Economic Zone was in 2011, and 15 years later, we are taking, I believe, the most important decision regarding the state of natural gas exploitation,” he said.

He added that in addition to the development and production plan, cabinet would also approve “the agreements concerning the basic terms of sale of Cypriot natural gas”.

“This is a very important development for the utilisation of our country’s energy resources. The goal is to sell the first Cypriot natural gas to Europe through Egypt in 2028 and we are approving all the relevant agreements,” he said.

Cyprus, Energy Routes, and U.S. Interests in the Eastern Mediterranean - MIDDLE EAST FORUM

April 16, 2026

Nicoletta Kouroushi

Cyprus is moving to commercialize its natural gas through Egypt, using existing infrastructure to reach European markets. This reflects a broader shift in the Eastern Mediterranean, where energy influence depends less on ownership of resources and more on control of infrastructure and export routes.

Rather than Pursuing Large-Scale Infrastructure, States Increasingly Rely on Flexible Arrangements Built Around Existing Systems

The Cyprus-Egypt framework agreement establishes the basis for routing gas from offshore fields such as Kronos and Aphrodite to Egyptian liquefaction facilities for export. By relying on existing terminals, Cyprus reduces costs, shortens timelines, and avoids the political and technical risks associated with new pipeline projects.

The agreement strengthens Egypt’s role as a regional liquefied natural gas hub while providing Cyprus with its first export pathway.

Egypt to Buy Entire Output of Cyprus’s Aphrodite Gas Field in 15-Year Agreement - EGYPT OIL & GAS

Thursday, 9th April 2026

Sherine Samir

The Egyptian Natural Gas Holding Company (EGAS) has signed a 15‑year agreement to buy the entire output of the Cypriot Aphrodite gas field, with an option to extend the deal for an additional five years, Bloomberg reported, adding that the field would start production in about six years

EGAS signed the preliminary deal with the companies that operate the Aphrodite project and Cyprus’ state-run oil and gas firm, The Aphrodite partners, and Egypt also agreed on a framework to develop a gas transmission system off the Mediterranean coast, noted the news agency.

Cairo and the Aphrodite partners will set up a company under the name Aphrodite Midstream Co. in Egypt to implement the gas transmission system, noted Bloomberg, citing a statement by Newmed company, which owns a 30% stake in the Aphrodite license, while Chevron Corp. and Shell Plc hold 35% each.

Chevron awarded four offshore leases for Greece exploration blocks - CHEVRON

Supports strategy to enhance exploration portfolio and efforts in Mediterranean region

HOUSTON, February 16, 2026 - Chevron Corporation (NYSE: CVX), via its four Dutch subsidiaries, together with HELLENiQ ENERGY has today signed Lease Agreements with the Hellenic Republic which will enable exploration of four blocks offshore Greece.

The blocks are located south of Crete (South Crete 1, South Crete 2) and within the Peloponnese (South of Peloponnese, and Block A2). The awarded consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY a 30% interest, was selected following an international call for tender launched by the Greek government in 2025.

"This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio," said Kevin Mclachlan, Vice President of Exploration at Chevron.

INTERVIEW: Israel’s domestic gas needs hold sway ahead of latest exploration round - S&P Global

January 23, 2026
Matt Hoisch

Even as producers push to expand gas exports from Israel following a decade of dramatic growth that has seen it morph into a key regional supplier, domestic needs remain a priority for the country ahead of its fifth offshore gas exploration round, Israel's Petroleum Commissioner at the Ministry of Energy and Infrastructure told Platts, part of S&P Global Energy, in a recent interview.

"Israel is a developed country, but we're still emerging," Chen Bar-Yosef said. "We think we should have more gas findings and exploration in order to make sure that for the long run we are ready, and we have our sufficiency of supply for all our needs."

Those needs are growing. One burgeoning driver is the artificial intelligence industry.

"Israel is and wants to be part of the AI world," Bar-Yosef said. "We think AI and AI data centers will come to Israel and therefore we want to be ready."

The commissioner was adamant electricity "should come first from renewables" with gas as "complementary."

Even so, annual domestic gas needs are projected to grow over the coming decade from some 14 Bcm to 20-24 Bcm by 2035, he said.

Chevron takes Final Investment Decision on Leviathan gas expansion - CHEVRON

Project increases affordable, reliable gas for
Israel, Egypt and Jordan

HOUSTON, January 16, 2026 – Chevron Corporation (NYSE: CVX) by its subsidiary, Chevron Mediterranean Limited (CML), and the working interest owners of the Leviathan natural gas reservoir have reached a Final Investment Decision (FID) to expand the production capacity of the strategic Leviathan production platform located offshore Israel.

“Chevron is a leading energy player in the Eastern Mediterranean where we are focused on natural gas production and exports. Our operations are critical to meeting the growing energy needs of local and regional markets,” said Clay Neff, president of Chevron Upstream.

“Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region. Pragmatic U.S. and regional energy policies are helping to strengthen energy security across the Eastern Mediterranean and foster an environment that encourages investment in the Middle East and globally.”

The Leviathan expansion project is expected to come online towards the end of this decade.

TotalEnergies to enter Block 8 offshore Lebanon - OIL & GAS JOURNAL

Jan. 9, 2026

TotalEnergies signed an agreement with the Lebanese government for the Block 8 exploration permit offshore Lebanon.

As part of the initial work program, TotalEnergies will acquire a 1,200-sq-km 3D seismic survey to further assess the area’s exploration potential.

TotalEnergies was awarded Block 8 in the Third Offshore Licensing round. TotalEnergies is operator of the block (35%) with partners Eni (35%) and QatarEnergy (30%).

Block 8 lies about 70 km off the southern coast of Lebanon in water depths of 1,700-2,100 m.

Israel approves $35 bil Egypt gas export deal - S&P Global

December 18, 2025
Matt Hoisch

The Israeli government has approved the previously-announced $35 billion agreement to expand gas exports from the country's Leviathan offshore gas field to Egypt, Prime Minister Benjamin Netanyahu said late Dec. 17, in what he described as "the largest gas deal in Israel's history."

"This deal greatly strengthens Israel's status as a regional energy power and contributes to stability in our region," he said while addressing the country. "It encourages other companies to invest in gas exploration in Israel's economic waters."

The agreement will see some 130 Bcm of gas flow to existing Leviathan offtaker Blue Ocean Energy to 2040 "or until all contract quantities are fulfilled," according to statements from NewMed Energy, one of the partners in the Leviathan field.

It will replace an existing export agreement due to end in the early 2030s.

Lebanon and Cyprus finalize sea border agreement after an almost 20-year impasse - ASSOCIATED PRESS

November 26, 2025 

Updated 2:02 PM GMT+2

By KAREEM CHEHAYEB

BEIRUT (AP) — Lebanon and Cyprus signed a long-delayed sea border agreement on Wednesday, ending an almost 20-year impasse that had stalled some oil and gas exploration in the Mediterranean Sea, as Europe seeks alternatives to Russian fuel.

Lebanese President Joseph Aoun and Cypriot counterpart Nikos Christodoulides signed the agreement at the Baabda presidential palace outside the Lebanese capital, Beirut, finalizing an initial deal first inked in 2007.

Christodoulides called the deal a “historic agreement” in a joint press conference with Aoun, who in turn said the signing sends “a clear ... invitation” to anyone who wants to cooperate with Lebanon.

8-9 trillion cubic feet in Cyprus EEZ’s Pegasus, Glaucus blocks - CYPRUS MAIL / CNA

Friday 26 September | 09:38 

By Cyprus News Agency

The Pegasus and Glaucus blocks in Cyprus’ EEZ may contain as much as 8-9 trillion cubic feet of natural gas, ExxonMobil officials told President Nikos Christodoulides in New York overnight.

On the sidelines of the UN general assembly, Christodoulides met a delegation from ExxonMobil headed by Vice President John Ardill, who outlined the latest figures.

He stressed that the Cyprus government attaches great importance to ExxonMobil’s presence in its EEZ, adding that “our cooperation is excellent and always based on honesty. I look forward to the assessment of the results for Pegasus, as well as for Block 10.”

Ardill emphasised that progress had been achieved and highlighted the success of the surveys at Pegasus.

Israel's Leviathan signs $35 billion natural gas supply deal with Egypt - REUTERS

August 7, 20253:38 PM GMT+3

Steven Scheer and Marwa Rashad

JERUSALEM/LONDON, Aug 7 (Reuters) - Israel's Leviathan natural gas field has signed the largest export agreement in the country's history, worth up to $35 billion to supply gas to Egypt, NewMed , one of the partners in the field, said on Thursday.

The deal should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas since its own supplies fell short of demand.

Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.

Exports from Leviathan were halted during a 12-day war between Israel and Iran in June for security reasons, but have since resumed.

Under the deal announced on Thursday, Leviathan, off Israel's Mediterranean coast, with reserves of some 600 billion cubic metres, will sell about 130 bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.

The gas is pumped via pipelines, which makes it cheaper than LNG, the cost of which is inflated by the super-cooling required to make it a liquid that can be transported by ship and regasifying it when it reaches its destination.

"It's much, much, much, much better, like dramatically better, than any LNG alternative, and it will save billions of dollars to the Egyptian economy," NewMed CEO Yossi Abu told Reuters in an interview on Thursday.

Cypriot Cronos Natural Gas Field to be Connected to Egypt by 2027 - EGYP OIL & GAS

Sunday, 27th July 2025
Sarah Samir

Karim Badawi, the Minister of Petroleum and Mineral Resources, met with George Papanastasiou, Cypriot Minister of Energy, Commerce, and Industry, in Nicosia. Senior representatives from Eni and TotalEnergies also attended the meeting. The discussion focused on the progress of Cyprus’s Cronos natural gas field, which is scheduled to be linked to Egypt’s energy infrastructure by 2027.

Within the framework of the Steering Committee overseeing the development of Cyprus’s Cronos natural gas field, Egypt and Cyprus reiterated their commitment to the project’s agreed timelines. The committee further reviewed the status of the technical and implementation agreements, now in their final stages of preparation for a definitive investment decision expected this year.

Badawi stressed Egypt’s readiness to complete the project and establish a new regional energy corridor. He emphasized that this would enhance regional cooperation and benefit both countries. He also stressed Egypt’s commitment to removing any obstacles the project may encounter.

The President of the Republic of Cyprus held a videoconference with the Vice President of ExxonMobil - REPUBLIC OF CYPRUS PRESIDENCY

07/07/25 18:17  |  Press release  |  Energy, Commerce and Industry, Government Spokesperson, President of the Republic / Presidency

During today’s videoconference between the President of the Republic of Cyprus, Mr Nikos Christodoulides, and the Vice President of ExxonMobil, Mr John Ardill, in the presence of the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Mr George Papanastasiou, and the Country Manager of ExxonMobil Cyprus, Mr Varnavas Theodossiou, President Christodoulides was briefed on the new natural gas discovery made at “Pegasus-1” well, in Block 10 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus.

The discovery follows the successful completion of drilling operations conducted by the consortium of ExxonMobil Exploration and Production Cyprus (Offshore) Limited (Operator) and QatarEnergy International E&P LLC.

Latest gas drilling ‘very optimistic’ - CYPRUS MAIL

Monday 07 July | 19:40

By Elias Hazou

Drilling at the Pegasus-1 well has detected a 350-metre column of natural gas, the government announced on Monday, giving no more clues about the significance of the find – but separately sources told the Cyprus Mail that the “news from Pegasus is good”.

In a written statement after an afternoon conference call between President Nikos Christodoulides and Vice President of Global Exploration at ExxonMobil John Ardill, the government said another discovery of natural gas has been made at the Pegasus-1 site in Block 10 of Cyprus’ exclusive economic zone (EEZ).

“The Pegasus-1 well… indicated approximately 350 metres of gas-bearing reservoir,” government spokesman Konstantinos Letymbiotis said.

Drilling had been carried out by the Valaris DS-9 rig at a distance of 190km southwest of the island, and at a depth of 1,921m.

“Further assessment will be required in the coming months to evaluate the results.”

Chevron to begin hydrocarbon drilling in 2026 - KATHIMERINI

01.04.2025 • 23:36

US energy giant Chevron is set to launch its first exploratory drilling for hydrocarbons south of Crete in 2026, Environment and Energy Minister Stavros Papastavrou said on Monday.

“This depends on the company’s scheduling, but I believe that if we move forward with the procedures within the year, we will see the first drilling in 2026,” the minister said on Action24 TV.

Papastavrou discussed energy cooperation with US Interior Secretary Doug Burgum, who also chairs the National Energy Dominance Council. Their talks focused on Greece-US strategic ties and recent developments in energy projects, including Chevron’s interest in offshore blocks “South Crete I” and “South Crete II.”

Egypt Moves Forward with Greece Electricity Interconnection Project, Eyes €1 Billion in Funding - SEE (SADA ELBALAD ENGLISH)

Sun 02 Mar 2025 | 09:32 AM
Ahmed Emam

Egypt is set to begin implementing its electricity interconnection project with Greece before the end of the second half of this year, according to government sources.

The project, classified as a priority initiative within the European Union, is expected to receive a €1 billion grant and concessional financing.

Sources told Al Arabiya Business that three European financial institutions have expressed interest in funding the joint Egypt-Greece electricity transmission project. Further discussions on the financing arrangements are scheduled for next month.

During a meeting last week with Egyptian Minister of Electricity Mahmoud Esmat, representatives from the Greek energy group Copelouzos presented their proposed mechanisms for the project. They also recommended that the exchanged electricity be generated from renewable energy sources.

TotalEnergies and ENI sign an agreement with Cyprus and Egypt for the export of Cyprus Block 6 gas through Egypt - TOTALENERGIES

02/17/2025

Paris/Cairo, February 17, 2025 – In the presence of President of Egypt Abdel Fattah El-Sisi and President of Cyprus Níkos Christodoulídis, TotalEnergies and ENI, partners in Cyprus offshore Block 6 (TotalEnergies 50%, ENI 50% operator), have signed today a Host Government Agreement (HGA) with the Arab Republic of Egypt and the Republic of Cyprus related to the development of Block 6 gas resources.

Signed during the Egypt Energy Show (EGYPES) with the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Karim Badawi, and the Minister of Energy, Commerce and Industry of the Republic of Cyprus, George Papanastasiou, this agreement is a key milestone towards the development of the Cronos gas field. Located in Cyprus Block 6, Cronos field was discovered in 2022 and successfully appraised in February 2024.

The agreement provides a framework allowing the Cronos gas to be processed in the existing Zohr facilities offshore Egypt and then liquefied in the Damietta LNG plant in Egypt, for export to European markets.

Following the signature of this agreement, the Block 6 partners will now proceed with the Cronos Development and Production Plan, in close collaboration with Cyprus authorities.

ExxonMobil launches 'promising' exploration well off Cyprus, President says - REUTERS

NICOSIA, Jan 24 (Reuters) - ExxonMobil (XOM.N) and Qatar Energy on Friday began exploratory drilling for natural gas in a prospect west of Cyprus, Cyprus President Nikos Christodoulides said on X.

The east Mediterranean has yielded some major gas discoveries in recent years, and a disruption in energy supplies from Russia after its 2022 invasion of Ukraine has sharpened Europe's attention on securing alternative sources of supply.

"Cyprus progresses exploration activities, aiming to be an alternative and reliable source of natural gas for the EU," Christodoulides wrote in his post.

He said drilling at the prospect, named Electra, got underway on Friday morning.

ExxonMobil executives have previously described Electra as 'highly promising'.

The company secured hydrocarbon exploration licences for Cyprus in 2017. Other multinationals in the region include U.S.'s Chevron (CVX.N), Italy's Eni (ENI.MI), and France's TotalEnergies (TTEF.PA).

Egypt and Eni-Total consortium to sign deal on processing Cypriot natural gas for export - ASSOCIATED PRESS

January 24, 2025
MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Egypt and a consortium made up of energy companies Total of France and Italy’s Eni will next month sign a key agreement to transport natural gas from an undersea deposit inside Cypriot waters to Egypt where it will be liquefied and processed for export, officials said Friday.

Cypriot Energy Minister George Papanastasiou described the agreement as “most significant” because it allows the consortium to sort out all the technical details on how to get the gas from the Cronos gas deposit to Egyptian processing plants for liquefaction and eventual export to markets including Europe.

Papanastasiou said the Eni-Total consortium, which holds exploratory licenses for seven of 13 areas or blocks inside Cyprus’ offshore economic zone, will make a final decision on how it will extract and convey the gas before the summer this year.

A recent assessment indicates that Cronos is estimated to hold more than the Aphrodite deposit, the first major discovery inside Cypriot waters which is estimated to contain 4.2 trillion cubic feet of gas.

The so-called host-government agreement will be signed at Egypt’s energy summit that will be held between Feb. 17-19, said Egyptian Oil Minister Kadim Badawi, who met earlier with Cypriot President Nikos Christodoulides.

Energean seals $2 billion natural gas sale deal to supply Israel’s Dalia power plants - THE TIMES OF ISRAEL

23/1/2025
Sharon Wrobel

British-Greek oil and gas company Energean said Thursday it inked an agreement to supply natural gas to Israeli private energy producer Dalia Power Energies in a deal worth $2 billion, as it expects higher production in 2025 bolstered by increased electricity demand in the country.

As part of the deal, Energean will supply natural gas of up to 12 billion cubic meters (bcm) for a period of 18 years from the Karish natural gas field located off Israel’s Mediterranean coast to Dalia Power’s Dalia and Eshkol power plants. Dalia Power Energies supplies about 16% of Israel’s electricity produced from natural gas, according to its website.

“Over the past year we have agreed more than $4 billion in new long-term gas sales agreements in Israel, including the new $2 billion binding terms with Dalia Energy… bringing the total contract value close to $20 billion,” said Energean CEO Mathios Rigas. “With the region’s gas demand continuing to grow from increasing electricity demand and the phasing out of coal, we are well positioned to add new long-term agreements, including potential export contracts, to further grow sales.”

Cyprus issues Navtex for drilling in block 5 of EEZ - CYPRUS MAIL

Sunday 19 January | 17:18

Cyprus issued a Navtex on Sunday in relation to the start of drilling at the ‘Electra’ field, in bloc 5 of the Cypriot exclusive economic zone (EEZ).

According to the Joint Rescue Coordination Centre (JRCC), the Navtex came into force from January 19, until June 19, 2025 with the drillship VALARIS DS-9 conducting the operations.

Speaking to the Cyprus News Agency, Energy Minister George Papanastasiou, said that the VALARIS DS-9 drillship is in Block 5, confirming that the Navtex in question relates to drilling in Block 5 and specifically the ‘Electra’ field.

Papanastasiou reminded that EXXON MOBIL is active in Block 5 in a joint venture with Qatar Energy.

Asked if there is a timetable for the start of drilling, Papanastasiou said that this depends on the positioning of the drilling rig, which should be set at the right coordinates with the target being in the centre of the drill, which, according to the Energy Minister, also depends on the weather conditions.

Papanastasiou estimated that the timeframe stipulated in the issued Navtex for bloc 5 would not need to be exhausted. He added that the drilling results are expected to be known at the end of February, while an official announcement will be made at the end of March, following an evaluation, on the quantities of the deposit.

"Electra" and "Pegasus" Shape Cyprus’s Energy Future - FAST FORWARD

08 Jan 2025

ExxonMobil has completed all necessary preparations to begin exploratory drilling at the "Electra" target within Block 5 of Cyprus’s Exclusive Economic Zone (EEZ). Drilling is expected to commence within the next two weeks, marking one of the most significant initiatives by ExxonMobil and Qatar Energy in the region. The company also plans to explore the "Pegasus" target, leveraging seismic data to identify potential reserves and contribute to Europe's energy solutions amid challenges stemming from the war in Ukraine.

Mediterranean Energy in Focus

As Brief reports, ExxonMobil’s plans align with the broader shift in global energy strategies, as the European Union seeks to secure its energy future. Investors are closely monitoring developments in the Mediterranean, a region that promises energy security alongside economic benefits.

Romania on its way to become EU’s largest gas producer - EURACTIV

Jan 10, 2025 07:23

Georgi Gotev

The agreement between Austria's OMV and Germany's Uniper to supply gas from the latter's Black Sea project in Romania's economic zone has put the spotlight on the country's significant gas supply potential.

The five-year deal for 15 terawatt-hours of natural gas from the Neptun Deep project off Romania's Black Sea coast, in water depths of between 100 and 1,700 metres, comes after Russia last month halted gas supplies via Ukraine and a wider reduction in European Union energy purchases from Moscow due to its invasion of Ukraine.

As reported by Reuters, the total contract volume represents about 1.5% of Germany's gas imports in 2024 and would be the first deal to underpin the long-awaited deepwater project, more than a decade after gas was first discovered in Romania's section of the Black Sea.

Egypt, Cyprus, Greece leaders agree to develop joint energy projects at Cairo trilateral summit - EGYPT TODAY

Wed, 08 Jan 2025 - 02:41 GMT

CAIRO – 8 January 2025: Leaders of Egypt, Cyprus and Greece have agreed on the necessity to develop joint energy projects as they held the 10th trilateral cooperation mechanism summit in Cairo on Wednesday.

“The energy file was strongly present in our talks today,” President Abdel Fattah El-Sisi said in a joint press conference with Greece’s Prime Minister Kyriakos Mitsotakis and President Nikos Christodoulides of Cyprus following their meeting.

Sisi said they agreed on the need for developing joint projects in renewable energy, electrical interconnection, natural gas transportation, and power linkage infrastructure enhancement.

These projects aim to achieve regional integration in this sector and effectively ensure international energy security, which has suffered turbulence amidst latest global crises, the Egyptian president added.

Cyprus needs energy transformation in 2025 - CYPRUS MAIL

Sunday 22 December | 16:41

Dr Charles Ellinas

Energy was constantly in the news in 2024, but serious progress was limited.

By far the biggest success was the ‘Photovoltaics (PV) for All’ scheme. With the failure of utility-scale renewables (RES) projects to contribute constructively to Cyprus’ energy mix so far, ‘Photovoltaics for All’ has enormous potential to increase RES penetration and significantly reduce the cost of electricity to those that participate, as well as reduce emissions into the atmosphere. This scheme will continue and household demand to participate in the scheme will increase in 2025.

But where Cyprus really needs to see progress is in the perennial problem of high electricity prices. These remain some of the highest in Europe.

Based on purchasing power parity, in 2024 Cyprus had the second highest household electricity price in Europe, largely due to taxation. Tax accounted for just under 35 per cent of the price, the fourth highest in Europe and well above the corresponding EU average, of about 23 per cent. In Greece this percentage was only around 15 per cent. Bringing taxes and levies down to Greece’s level, could slash electricity prices from 33 cents/kWh to 25 cents/kWh.

‘Energy giants from Gulf states’ interested in Cypriot natural gas - CYPRUS MAIL

15 November 2024

Tom Cleaver

“Energy giants from Gulf states” are interested in possibly drilling for natural gas in Cyprus’ Exclusive Economic Zone (EEZ), President Nikos Christodoulides said on Friday.

Addressing the Energy symposium in Nicosia, he said this interest constitutes a “vote of confidence in the prospects of Cyprus’ EEZ”.

He said work is “progressing intensively” regarding the ‘Aphrodite’ deposit in block 12, with Energy Minister George Papanastasiou having said last week that the revised plan for the deposit submitted by American corporation Chevron in September is now being “discussed at a technocratic level”.

On the matter of the ‘Kronos’ reservoir, he said Italian energy company Eni are expected to submit a development plan soon, and that he had held a telephone conversation with the company’s head Claudio Descalzi on Thursday.

Papanastasiou said last week that Eni is “fast tracking” the process.

“We expect this month or next for there to be a development and production plan” for the deposit in question, Papanastasiou said, adding that the gas from the ‘Kronos’ reservoir will also be taken to Egypt for liquefaction and subsequent export.

Regional conflict prompts Chevron to halt Leviathan pipelay - OFFSHORE

Oct. 8, 2024

The Leviathan reservoir was discovered in December 2010 by NewMed Energy (with a working interest of 45.3%), Chevron (which was called 'Noble Energy' at the time, with a working interest of 39.7%) and Ratio (with a working interest of 15%).

The Leviathan reservoir was discovered in December 2010 by NewMed Energy (with a working interest of 45.3%), Chevron (which was called "Noble Energy" at the time, with a working interest of 39.7%) and Ratio (with a working interest of 15%).

Chevron Mediterranean suspended installation activities related to the third subsea gas export pipeline from the deepwater Leviathan field offshore Israel to the near-shore platform on Oct. 6.

Cyprus approves electricity cable to link its power grid with Greece’s - AP

Updated 9:10 PM GMT+3, September 17, 2024
By MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Cyprus has given the green light for construction of a 1.9 billion euro ($2.1 billion) undersea electricity cable linking its grid with Greece’s, aiming to sharply reduce electricity bills and end its energy isolation, the country’s energy minister said Tuesday.

Minister George Papanastasiou said the significance of the project is underscored by the European Union’s decision to fund it with the sum of 657 million euros ($735 million).

He said the Cypriot government will contribute 25 million euro ($27.8 million) annually over the five-year period of the 1,000 MW cable’s construction so that Cypriot taxpayers won’t see any hike to their electricity bills as part of their 63% share of building costs.

The total 125 million euro sum will be raised from revenues generated from the EU’s emission trading system.

Carlyle Group Plans Significant Investments in Egypt’s Oil and Gas - OILPRICE.com

Jun 27, 2024, 5:00 AM CDT

Tsvetana Paraskova

Investment firm Carlyle Group plans to make significant investments in Egypt’s oil and gas industry to boost domestic production and turn Egypt into an energy hub in the Mediterranean.

Executives from Carlyle met this week in Egypt with Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to discuss the investment firm’s plans for Egypt and the Mediterranean after Carlyle announced an acquisition of assets in the region last week.

Carlyle said a week ago that it had agreed to acquire a portfolio of gas-weighted exploration and production (E&P) assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean.

Tech giants eye project in Cyprus - KATHIMERINI

26.06.2024

Major companies like Tesla and Samsung have expressed interest in developing a battery-based electricity storage system in Cyprus, according to Energy, Trade and Industry Minister George Papanastasiou. He announced on Tuesday that formal tenders for the 150-megawatt project will be issued in September.

Papanastasiou outlined the government’s strategy to lower electricity costs, which he termed essential for enhancing the country’s economic competitiveness. The strategy is built on three pillars to turn Cyprus into an energy hub.

The first pillar is the rapid establishment of a liquefied natural gas import terminal for power generation. This project is expected to reduce pollutants by 35-40% and lower electricity costs by cutting down on the annual production of 3 million tons of carbon dioxide.

Why Greece Is Betting Big on American Gas - THE NEW YORK TIMES

May 31, 2024
Max Bearak

When a withering financial crisis forced Greece to rethink its economy a decade ago, it bet big on green power​. Since then, Greece’s energy transition has been so swift “it almost feels utopian​,”​ one Greek environmentalist said.

​Mountainous ridgelines and arid islands ​are covered in wind turbines and solar panels​ that ​today provide nearly two-thirds of the nation’s electricity.​​​

But ​now Greece​ is deliberately pivoting back toward fossil fuels, just not to burn at home. This time it’s betting that it can become one of Europe’s main suppliers of natural gas, with much of it shipped from the United States.

Both Greek and European Union subsidies have funded new pipelines that crisscross the country and connect to a brand-new import terminal that will send gas to a broad swath of Central and Eastern Europe for decades to come.

ENI discusses exploitation scenarios and priority solutions - KATHIMERINI

30 APRIL 2024 - 19:38

ENI's discoveries in Cyprus' Exclusive Economic Zone (EEZ) and the scenarios for the exploitation of the confirmed drillings as well as the preferred solutions to efficiently meet domestic energy priorities were discussed in a meeting with the President of the Republic, Nikos Christodoulides, and ENI's CEO Claudio Descalzi held Tuesday in the presence of the Ministers of Energy and Foreign Affairs at the Presidential Palace.

According to a joint written statement by the Republic of Cyprus and Eni, President Christodoulides and Descalzi met today to discuss "Eni's activities and future projects in the country".

In particular, President Christodoulides and ENI's CEO reviewed the discoveries made in 2022 by Eni and its partner TotalEnergies of Cronos and Zeus which led to the drilling of Cronos 2 appraisal well in late 2023.

Israel-Greece-Cyprus energy deal ‘top priority’ this year - JNS

March 28, 2024 / JNS
Etgar Lefkovits 

The three allies plan to link their electrical grids and cooperate on natural gas.

Finalizing a major energy deal that includes connecting the power grids of Israel, Greece and Cyprus and a possible future regional natural gas pipeline linking the eastern Mediterranean allies is a “top priority” for 2024, the Israeli and Cypriot energy ministers said on Wednesday.

The long-awaited accord, which was stalled by the nearly six-month-old war with Hamas in Gaza, will not include Turkey. Ankara has reemerged as one of Israel’s bitterest critics in the wake of the Israeli military campaign triggered by the Oct. 7 terrorist invasion.

The expected agreement comes amid burgeoning relations with both Cyprus and Greece, which have maintained support for Israel throughout the war, and close ties in a variety of fields including energy, defense, tourism, high-tech and cybersecurity.

“Cyprus is a regional ally, and cooperation in the field of energy holds great potential opportunities for both countries,” Israeli Energy Minister Eli Cohen said Wednesday as he hosted his Cypriot counterpart to finalize the accord.

Cypriot Minister of Energy, Commerce and Industry George Papanastasiou said, “Cyprus and Israel share a vision for the eastern Mediterranean with the countries looking at energy as a sector that can facilitate peace, stability and prosperity in the region.”

Chevron partners greenlight $24m investment to boost gas production at offshore site - THE TIMES OF ISRAEL

18 February 2024, 6:13 pm

Sharon Wrobel  

US energy giant Chevron and its partners in the Tamar reservoir off the country’s Mediterranean coast on Sunday announced a decision to invest $24 million to bolster natural gas production capacity from the offshore field.

The investment is part of a two-phase plan aimed at expanding natural gas production capacity to about 1.6 billion cubic feet (BCF) a day from the Tamar field, located west of Ashkelon, to meet Israel’s energy needs and to export gas to Egypt.

The Tamar partners okayed a so-called final investment decision (FID) needed to proceed with the second phase of the gas production expansion project.

“Reaching FID for Phase Two of Tamar’s expansion reflects Chevron’s ongoing commitment to partnering with the State of Israel to continue development of its energy resources for the benefit of domestic and regional natural gas markets,” said Jeff Ewing, managing director of Chevron’s Eastern Mediterranean Business Unit.

Eni confirms the extension and excellent well deliverability of Cronos gas discovery offshore Cyprus - Eni

15 February 2024 - 10:30 AM CET

San Donato Milanese (Milan), 15 February 2024 – Eni announces the successful completion of the Cronos-2 well, drilled to appraise the Cronos discovery in Block 6, offshore Cyprus, in August 2022. The production test allowed for the estimation of a well production capacity in excess of 150 MMSCFD in production configuration and is instrumental in progressing with the studies to select the best fast-track development option.

Cronos-2 was drilled to confirm the lateral extension of the Cronos gas discovery (with Cronos 1 exploration well), located some 3 km away, and to assess the reservoir characteristics by performing a production test. The well has encountered the same carbonate reservoir sequence as Cronos-1, confirming hydraulic communication and connected thick gas column with excellent permeability intervals.

Egypt Gas’ net profits plunge 46% in 2023 - ZAWYA

January 29, 2024

Cairo – Egypt Gas logged net profits after tax amounting to EGP 162.11 million in 2023, an annual drop of 46% from EGP 301.96 million.

Activity revenues hit EGP 6.87 billion in 2023, lower by 2% year-on-year (YoY) than EGP 7.02 billion, according to the income statements.

The board members greenlighted the financial results as of 31 December 2023 during their meeting that was held on 24 January 2024.

In the January-September 2023 period, Egypt Gas posted lower net profits at EGP 138.62 million, compared to EGP 152.49 million a year earlier.

The EGX-listed firm is targeting net profits valued at EGP 245 million in 2024, versus EGP 309 million by the end of 2023.

More natgas found as gas flares at Cronos-2 - FINANCIAL MIRROR

19 January 2024

Italian ENI’s exploration in the “Cronos-2” target within Block 6 of Cyprus’ exclusive economic zone (EEZ) appears to have yielded positive results, as gas flaring reported from the drilling site indicates the discovery of a natural gas reservoir.

According to the Cyprus News Agency, the occurrence of gas flaring is considered a clear indication of the presence of a natural gas deposit. The drilling activities at “Cronos-2” were conducted using the Transocean Barents floating rig, which is under lease by ENI, the operator of Block 6.

The discovery at “Cronos-2” marks the fourth successful find in Block 6, following the identification of “Zeus” with an estimated quantity of 2-3 trillion cubic feet, “Cronos-1” with an estimated quantity of 2.5 trillion cubic feet, and “Calypso.”

ENI characterised “Calypso” as a “promising discovery,” confirming the extension of the “Zohr-like play” within the Cypriot EEZ.

Libya's Natural Gas Production Drops by 8%: Audit Bureau Report - CHEMANALYST

26-Dec-2023 2:17 PM

Patricia Jose Perez

Libya, a country prominently known for its abundant natural gas reserves, has unfortunately experienced an 8 percent decrease in its natural gas production. This alarming statistic was revealed by the Audit Bureau of Libya in a recent report. The report traces this decline back to the gradual depletion of the existing wells and a concerning lack of new discoveries.

In the year 2022, the total gross gas output of Libya was calculated at 861.96 billion cubic feet (24.40 billion cubic meters), which fell significantly short of the targeted 941.7 billion cubic feet (26.6 billion cubic meters). However, the actual net production is considerably lower due to several contributing factors. These include wasteful combustion of spontaneously released gas during extraction, deficiencies in infrastructure, lack of maintenance, and ongoing political divisions. These factors collectively result in the estimated net production being a mere 12-15 billion cubic meters of gas.

Interestingly, the report also highlights that while Libya theoretically has the capacity to export up to 10 billion cubic meters of gas to Italy annually through the Greenstream gas pipeline, in 2022, the total quantity exported did not exceed 2.48 billion cubic meters. This figure equates to just 10 percent of the total gross production, leaving a vast quantity of potential exports unrealized.

Energean CEO: Israel is sole energy independent Mediterranean country - GLOBES

20 Dec, 2023 11:17
Netanel Ariel

At the Israel Business Conference, Mathios Rigas praised Israel's energy policy, and said there was no point in keeping gas in the ground.

"Energy independence is important regardless of whether there’s a war or not. Israel is the only Mediterranean country that is energy independent. The mistake that the Europeans made is that they handed the energy keys to President of Russia Vladimir Putin, and when war broke out, gas prices skyrocketed. But in Israel, they remained stable," Mathios Rigas, CEO of energy company Energean (LSE: ENOG), said yesterday at the Globes Israel Business Conference. Energean owns the rights in the Karish and Tanin gas reservoirs off Israel’s coast.

"The biggest challenge we face in Europe is that if there’s a cold winter and there’s any disruption to the gas supply, gas prices in Europe will soar again, and inflation will rise," Rigas warned. "The reason is that there has been no investment in gas production. That’s the great advantage that Israel has today," he added.

Greece’s first FSRU arrives in Alexandroupolis - LNG PRIME

December 17, 2023

Greece’s first floating storage and regasification unit (FSRU) has arrived in Alexandroupolis, where it will soon start serving Gastrade’s LNG import project.

According to its AIS data, the 153,600-cbm Alexandroupolis was on Sunday anchored offshore the Greek port of Alexandroupolis.

Greece’s Gastrade previously said that the FSRU would arrive in the port on December 17 from Singapore.

Last month, the vessel left Seatrium’s yard in Singapore following the completion of the conversion work at the yard.

Gastrade’s shareholder and Greek LNG shipping firm GasLog told Keppel Offshore & Marine, now Seatrium, in February last year to proceed with the conversion of the 2010-built, GasLog Chelsea, to an FSRU.

Cyprus and Chevron reach a deal to develop an offshore natural gas field, ending years of delays - ABC NEWS / ASSOCIATED PRESS

December 1, 2023, 2:09 PM
Menelaos Hadjicostis

NICOSIA, Cyprus -- The Cyprus government and U.S. energy company Chevron have reached a deal on how to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus, an official Friday. The field is estimated to hold 4.2 trillion cubic feet of gas.

The agreement is “mutually beneficial" for both Cyprus and the company, the Cypriot official told The Associated Press but did not disclose further details.

It was not immediately clear when the deal was reached. The official spoke on condition of anonymity because he was not authorized to discuss the agreement publicly.

EU keeps EastMed gas pipeline on new list of priority projects - REUTERS

November 28, 2023
Francesca Landini

MILAN, Nov 28 (Reuters) - The European Commission has maintained a proposed pipeline connecting the gas reserves in the Eastern Mediterranean to Greece via Cyprus and Crete on its new list of Projects of Common Interest (PCI) published on Tuesday.

Projects included in the PCI list have access to a fast-track permitting process and special funding.

Energy group Edison (EDNn.MI) and Greece's DEPA International Projects are the sponsors of the project through their joint venture IGI Poseidon.

The joint venture has still to take a final investment decision (FID) on the pipeline, which would connect several gas fields in the Eastern Mediterranean, including some in offshore Israel, to Greece.

Final Decisions for ‘Aphrodite’ gas field to be made today - IN-CYPRUS

20 November 2023

The final decisions regarding the development of the ”Aphrodite’ gas field are expected to be made today, as the government presents its ultimate verdict to Chevron regarding a potential extension for compliance with the Front-End Engineering and Design (FEED) commencement milestone.

Recalling the terms of the Proportional Sharing Agreement, agreed upon in 2019, the milestone for the initiation of the Front-End Engineering and Design (FEED) development of the field was set for November 7, 2023.

However, a modified development plan was submitted by the company last May, which was rejected by the Republic of Cyprus last August.

Following this, two extensions to the consultation process were granted, with the final deadline set for November 5

The consortium subsequently requested a four-month extension to the entire process.

Two-week lifeline as ''Aphrodite'' negotiations extend amid deadlock - KNEWS

06 NOVEMBER 2023 - 08:29

With the deadline for Chevron's proposal on the "Aphrodite" reservoir set to expire on Sunday, November 5, negotiations between the Republic of Cyprus and the consortium of "12" (Chevron, Shell, NewMed) led by the American giant for the development of the reservoir seem to remain in a deadlock. The negotiations, which started last August after Nicosia rejected the development plan for the reservoir, have gone through several phases. However, the main differences persist regarding the Floating Production Unit (FPU) and various other economic aspects compared to the initial development plan submitted by the consortium in 2019, prior to Noble Energy's departure. Unless an unforeseen event occurs, a two-week extension to Chevron is expected to be granted, as the visit of Clay Neff, a high-ranking executive of the American company, to Nicosia, aimed to break the deadlock. Nevertheless, the negotiations and the firm stances of both sides do not bode well for any significant progress, leading to further delays in the Aphrodite project.

Cyprus, Chevron-led group extend talks over gas plan, minister says - REUTERS

September 29, 20238:56 PM GMT+3Updated 2 days ago

NICOSIA, Sept 29 (Reuters) - Cyprus and international energy companies led by Chevron (CVX.N) have agreed to extend talks on how to develop its Aphrodite offshore gas field amid progress in negotiations, its energy minister said on Friday.

"It is not a new negotiating round, it's an extension, because there is progress in the conversation," Energy Minister George Papanastasiou told Reuters, confirming a report in the authoritative Middle East Economic Survey (MEES) journal that talks would be extended to Nov. 5.

To avoid "working against the clock" in the negotiation, he said, "we extended it". "It was a mutual extension, the contract allowed any extra extension so this is what we did," he said.

"We believe that by Nov. 5, we will arrive to an agreement," he added.

Chevron did not immediately respond to a request for comment.

Nicosia disagreed with modifications proposed by Chevron and its partners earlier this year to a 2019 agreement to develop the estimated 3.5 trillion cubic foot (tcf) gas field, particularly a proposal to remove what Cyprus considers essential processing infrastructure on the sea surface.

Israel, Cyprus and Greece mull energy pacts - and yoghurt - REUTERS

September 4, 202310:37 PM GMT+8
Michele Kambas

NICOSIA, Sept 4 (Reuters) - The leaders of Israel, Greece and Cyprus on Monday pledged to deepen energy cooperation and explore ways to get East Mediterranean gas to Europe, as well as connect electricity grids.

The eastern Mediterranean has yielded major gas discoveries in the past decade, mostly off Israel and Egypt, with interest rising since Russia's invasion of Ukraine hit flows to Europe.

"We will have to decide soon about how Israel exports its gas and the same decisions have to be made by Cyprus. We are looking at the possibility of cooperating on this," Israeli Prime Minister Benjamin Netanyahu told reporters in Nicosia after a tripartite summit with Greek Prime Minister Kyriakos Mitsotakis and Cyprus' President Nikos Christodoulides.

"Those decisions will be made, I think, in the next three to six months, probably closer to three months," he said.