Egypt and a consortium of French and Italian energy companies will sign an agreement to transport natural gas from an undersea deposit within Cypriot waters to Egypt for liquefaction and export. The agreement is considered significant as it paves the way for the consortium to finalize technical details on gas extraction and transportation. Cyprus is transitioning its energy generation towards cleaner and more cost-effective natural gas.
Weather Whiplash: Jacksonville to see temperatures in the 80s after deep freezeHamburger Mary’s Jacksonville announces soft opening with shows, events at new locationFILE - An offshore drilling rig stands in the waters off Cyprus ' coastal city of Limassol, July 5, 2020, as a sailboat navigates in the foreground.
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 thePapanastasiou 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.
Badawi said Egyptian President Abdel Fattah el-Sissi has invited his Cypriot counterpart to attend the summit. The Egyptian official hailed the “collaborative spirit” with which both countries have been negotiating in recent months to use Egypt's existing infrastructure and make the most of “the great potential that Cyprus holds in terms of natural gas.
Because of contracts with energy companies on where Cypriot natural gas will go, it’s not certain Cypriot gas will be used for the island’s own power needs. Cyprus will likely by natural gas from other markets, but it’ll still be cheaper. The Cypriot energy minister said Cyprus and Egypt will also sign a separate agreement at the Egyptian energy summit that foresees conveying natural gas from the Aphrodite deposit to Egypt. But it hasn't been decided yet with athat operates Aphrodite whether the gas will be used for domestic energy needs or be made available for export after processing in Egypt.Copyright 2025 The Associated Press. All rights reserved.
CYPRUS EGYPT NATURAL GAS ENERGY EXPORT OFFSHORE DRILLING
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