NICOSIA, Cyprus (AP) — Cyprus' president hailed the recent agreements as a significant step in energy cooperation, emphasizing the impact on the regional energy landscape. The first agreement involves piping natural gas from the Cronos deposit to Egyptian facilities for liquefaction and export to markets, including Europe. The Eni-Total consortium, holding licenses for exploration in Cyprus' offshore economic zone, will decide on gas extraction methods by summer.
The Cronos deposit's size remains undisclosed but is believed to surpass the Aphrodite deposit, which contains an estimated 4.5 trillion cubic feet of gas. The second agreement outlines the development and monetization framework for the Aphrodite deposit, including plans for a floating platform and pipeline link to Egypt.
