Egypt and Cyprus signed deals to reexport Cypriot gas, aiding Cairo’s push to become a regional energy hub amid declining output.Gas from Cyprus’s Cronos and Aphrodite fields will be sent to Egypt’s Idku and Damietta plants for LNG exports.Egyptian President Abdel-Fattah El-Sisi and Cypriot President Nikos Christodoulides oversaw the signing at a Cairo gas conference.
The deals boost gas exploitation and expand energy cooperation with Egypt, the Cypriot presidency stated.Discovered in 2011, the Aphrodite field holds 4.4 trillion cubic feet of gas but remains undeveloped.
Chevron Cyprus (35%), BG Cyprus (Shell, 35%), and NewMed Energy (30%) are partners in the project.Chevron’s Frank Cassulo said the deals pave the way for commercial progress.The agreements are crucial for Egypt, which faces declining gas output and a foreign currency crisis hindering oil field investments.
Egypt became a net gas importer due to declining output and rising electricity demand. Gas production dropped to its lowest since 2017, leading to a surge in LNG imports.Officials aim to resume exports by 2027, after a $57 billion bailout eased the currency crisis.
