Nicosia rejects Chevron’s improved optimization plan for the Aphrodite offshore gasfield, insisting that the 2019 development plan is binding. Chevron’s proposed revisions aim to reduce costs and output, but Nicosia is not satisfied with the lower revenue implications. The partners are considering their options in response to Nicosia’s rejection.
President Nikos Christodoulides met with Eni CEO Claudio Descalzi in Nicosia to discuss gas findings. The meeting reviewed the discoveries made in 2022 by Eni and TotalEnergies, leading to the drilling of the Cronos 2 appraisal well in late 2023. A production test in early 2024 showed excellent performances and increased volumes. The meeting also discussed a fast-track approach to drilling the appraisal well and outlined preferred solutions to meet energy priorities in the short and longer term. Eni has been present in Cyprus since 2013, operating in various blocks.
Cyprus aims to conclude construction works for the LNG terminal in Vasiliko by the end of 2024 to reduce electricity generation costs.
Italy’s Eni and French TotalEnergies have confirmed the extension and excellent well deliverability at their joint natural gas field within the Cronos discovery in the Cyprus offshore exclusive economic zone. The Cronos-2 well was drilled to appraise the nearby Cronos discovery in Block 6, and it has high production capability estimated at over 150 million standard cubic feet per day of gas. Eni Cyprus Limited is the operator of Block 6 with a 50% participation, with partner TotalEnergies EP Cyprus B.V. holding the remaining 50%. The government’s main goal is to enable access to cheaper energy for Cypriot citizens. Cyprus is behind schedule in converting its infrastructure to import natural gas, resulting in significant carbon emission fines. Eni aims to tap into and export natural gas from the Cronos gasfields through a subsea pipeline to its Zohr field in Egyptian waters.