Egypt, Eni-TotalEnergies consortium to pen deal on Cypriot natural gas export in February
Updated 1/26/2025 9:18:00 AM
Arab Finance: Egypt and a consortium of French TotalEnergies and Italy’s Eni will sign a key agreement in February, Associated Press (AP) cited officials.
The joint deal aims to transport natural gas from an undersea deposit inside Cypriot waters to Egypt. Transported gas will be liquefied and processed for export.
Cypriot Minister of Energy George Papanastasiou said the agreement enables the consortium to outline all the technical details on how to secure the gas from the Cronos field deposit to Egyptian processing plants for liquefaction and eventual export to global markets including Europe.
TotalEnergies and Eni will decide how they will extract and convey the gas before summer 2025, Papanastasiou added.
The consortium holds exploratory licenses for seven of 13 areas or blocks inside Cyprus’ offshore economic zone.
For his part, Minister of Petroleum and Mineral Resources Karim Badawi pointed out that the host-government agreement will be signed at Egypt Energy Show (EGYPES), which will be held from February 17th to 19th.
Badawi also praised the recent collaboration talks with both countries to use Egypt’s infrastructure and make the most of “the great potential that Cyprus holds in terms of natural gas.”
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