The ENI-TotalEnergies consortium is expected to make its final investment decision (FID) on the Kronos gas field in June, Energy, Commerce and Industry Minister Michalis Damianos said.
The minister added that agreements for Kronos, which the Cabinet approved in May, are also expected to be signed this month. The consortium has already made some payments, making the final investment decision nearly certain in the near future.
“The agreements will be signed within June, because ENI is expected to proceed with the FID within this period,” Damianos said.
Regarding the Aphrodite gas field, the minister noted that preliminary agreements for gas sales have been signed. Final agreements will follow in the coming months, he said, noting that Chevron’s deadline for the Front-End Engineering Design (FEED) expires in January 2027.
Damianos also announced that he will travel to Washington next week for a 3+1 format meeting with Greece and Israel to discuss Eastern Mediterranean energy issues.
The US has commercial interests in the region through Chevron and Exxon, whilst also reportedly supporting the Great Sea Interconnector (GSI) project to link Israel’s electricity grid to Europe via Cyprus. The presence of US companies in the area is also considered geopolitically significant for geostrategic reasons.
However, no major agreement is expected to emerge from the US meeting, as the dispute over the Ishai gas field will not be resolved by then.
Negotiations over Ishai are ongoing, with the latest contact taking place last week, the Cyprus News Agency (CNA) reported. Sources said the two sides are close to a commercial agreement. However, as the first gas from Aphrodite is not expected until 2030-2031, neither side appears willing to make concessions under time pressure.
Meanwhile, advanced consultations are underway with ExxonMobil. President Nikos Christodoulides previously announced that further announcements would be made very soon in cooperation with Exxon. CNA reported that the company has expressed interest in Block 4, with sources expecting developments in September.