The ENI-TotalEnergies consortium is expected to take its Final Investment Decision (FID) for the Kronos gas field within June, Energy, Commerce and Industry Minister Michalis Damianos told the Cyprus News Agency on Monday. Agreements approved by the Cabinet in May are also expected to be signed within the month.
The consortium appears to have already made certain payments, which makes the FID in the coming weeks all but certain. "The agreements will be signed within June, because within that period ENI is expected to proceed with the FID," Damianos said.
On the Aphrodite field, Damianos noted that preliminary agreements for the sale of natural gas have been signed. "In the coming months the final agreements will follow," he said, while reminding that Chevron's deadline for the Front-End Engineering Design (FEED) for Aphrodite expires in January 2027.
Cyprus, Greece and Israel head to Washington
Damianos will travel to Washington next week as part of a 3+1 format alongside Greece and Israel for discussions on Eastern Mediterranean energy matters. The United States has significant interests in the region through Chevron and Exxon, while the Great Sea Interconnector (GSI) project is also in the picture, with Washington understood to be supportive of the idea of connecting Israel to Europe's electricity grid via Cyprus. The presence of American companies in the region is considered politically significant for geostrategic reasons as well.
No major agreement is expected to emerge from the Washington meeting, however, as the Ishai field dispute between Cyprus and Israel is not expected to be resolved by then. Negotiations over Ishai are continuing, with the most recent contact taking place last week. Sources indicate the two sides are close to agreement on the commercial aspects, though with first gas from Aphrodite not expected until 2030 or 2031, neither side appears willing to make concessions under time pressure.
Exxon eyes Block 4
President Christodoulidis has said that "very soon there will be further announcements in cooperation with Exxon," with advanced consultations currently under way. Exxon has expressed interest in Block 4, and sources indicate that developments on that front are expected from September onwards.
Source: CNA
