Chevron’s presence ‘a vote of confidence’ in Cyprus and Europe’s energy potential

The presence of American multinational energy corporation Chevron in Cyprus’ maritime exclusive economic zone (EEZ) constitutes a “vote of confidence” in the energy potential of both Cyprus and Europe, President Nikos Christodoulides said on Monday.

“We appreciate your presence. It is a strong vote of confidence, not only for us, but also for Europe and the possibility of the region developing as an alternative source of energy for Europe,” he said during a meeting with the chief of Chevron’s base assets and emerging countries organisation Javier La Rosa at the presidential palace.

He added that there have been “many developments in the energy sector” since Christodoulides and La Rosa last met in New York in September, and said to this end that “we must complete with Egypt what is pending as soon as possible so that we can start using the Aphrodite field”.

Chevron is one of the signatories to an agreement signed by the governments of Cyprus and Egypt which established “the framework for the effective commercialisation” of the gas in the Aphrodite gas field, which is located in Block 12 of Cyprus’ EEZ.

Last month, Cyprus’ then energy minister George Papanastasiou said that a “techno-economic study” on Block 12 is being prepared and will be submitted by the end of next year.

After that study is complete, he said, a final investment decision will be made and gas from the Aphrodite field will be transported to the Segas liquefied natural gas (LNG) terminal in the Egyptian port city of Damietta for liquefaction.

Seabed surveys to find a sinking point for the pipeline which will take natural gas from Cyprus’ EEZ to Egypt for liquefaction began in June, with the initial aim being for natural gas from the Aphrodite gas field to be taken to Damietta.

In September, members of the Egyptian government travelled to Nicosia and announced that natural gas from Cyprus’ EEZ will be exported to Europe via Egypt in 2027.

Natural gas is also expected to be transported to Damietta from Block 6 of Cyprus’ EEZ, which contains the Kronos gas field, with the Egyptian government having in February been designated as the “host government” of the Block.

Papanastasiou had earlier said that the agreements over both Block 6 and Block 12 “cover the entire supply chain” from the liquefaction of the natural gas, which will take place in Damietta, through to the export of the LNG to Europe.

Egyptian Petroleum Minister Karim Badawi had in September expressed his country’s will for further cooperation between Cyprus and Egypt on the matter of energy.

“Our cooperation in the energy sector with the Republic of Cyprus is very important and is expanding daily. We are here to support the Republic of Cyprus in the full development of its energy reserves, so that it can exploit them and make them available to its citizens and to European markets which need energy,” he said.