Significant Gas Agreement Solidifies Egypt and Cyprus Energy Collaboration

Egypt and a consortium, including Total and Eni, will soon sign an agreement to transport Cypriot natural gas to Egypt for liquefaction and export. This deal is crucial as Cyprus expands its energy strategy with partners like ExxonMobil and Qatar Petroleum, whilst also negotiating with Chevron over future gas utilization.

In a landmark move, Egypt and an energy consortium featuring Total and Italy's Eni are poised to finalize an agreement to transport gas from Cyprus to Egypt for processing and export. Officials have announced the deal will be formalized at Egypt's upcoming energy summit.

Described as "most significant" by Cypriot Energy Minister George Papanastasiou, the agreement will ensure technical details for routing gas from the Cronos deposit to Egypt are settled. The Eni-Total group, holding licenses in Cyprus's offshore economic zone, plans to finalize gas extraction and transport strategies by summer.

This deal marks yet another milestone in Cyprus's burgeoning energy sector, as it strives to shift from oil dependence to natural gas. Concurrent developments include ExxonMobil and Qatar Petroleum's new drilling locales and ongoing negotiations with Chevron regarding Cypriot gas from the Aphrodite deposit.

(With inputs from agencies.)