Egypt and Cyprus have entered into two significant agreements during the Egypt Energy Show (EGYPES) that have reinforced their collaboration in offshore gas development and exports.
TotalEnergies and ENI, equal ownership partners in Cyprus offshore Block signed a Host Government Agreement (HGA) with Egypt and Cyprus related to the development of Cronos gas field. Located in Cyprus Block 6, Cronos field was discovered in 2022 and successfully appraised in February 2024.
The agreement provides a framework allowing the Cronos gas to be processed in the existing Zohr facilities offshore Egypt and then liquefied in the Damietta LNG plant in Egypt, for export to European markets, TotalEnergies said in a statement.
The second agreement involved an MOU between Chevron (representing its consortium with Shell, and NewMed Energy) and the governments of Egypt and Cyprus to progress key commercial agreements related to the Aphrodite gas project (offshore Cyprus). The approved Development and Production Plan (DPP) includes a Floating Production Unit in the Cypriot Exclusive Economic Zone (EEZ) and a pipeline for exporting gas to Egypt, according to a Chevron press statement.
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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