The Eastern Mediterranean energy sector has strengthened its global presence, following the signing of the agreement between Eni, Egypt and Cyprus for the development and export of gas from Block 6 in Cyprus. This agreement was sealed in Cairo during the opening of the EGYPES event, where it envisages the use of Egyptian infrastructure to transport gas to the Damietta LNG plant, destined for European markets.
A strategic agreement for gas exports
With the presence of leaders such as Abdel Fattah El-Sisi, President of Egypt, and Nikos Christodoulides, President of Cyprus, the agreement strengthens the position of both countries in the supply of natural gas . The extraction and processing of the Cronos discovery , located in deep waters of Cyprus, will be accelerated through this collaboration scheme.
[post_relacionado]This agreement paves the way for bringing Cyprus gas to the market in a timely manner, contributing to energy security and the competitiveness of energy supply. This project leverages Egypt’s existing infrastructure, including export facilities, which are a key factor for the development of the region. Egypt and Cyprus reaffirm their role in the emerging energy hub of the Eastern Mediterranean, which will play an increasingly important role in global gas supply in the near future.
Claudio Descalzi, CEO of Eni.
Block 6 is operated by Eni with a 50% stake together with TotalEnergies and contains more than 3 trillion cubic feet of gas from the Cronos discovery. In addition, explorations in the area have identified other resources such as the Zeus field , with great production potential.
Egypt, which is positioned as a regional energy hub , will benefit from this agreement by optimizing the use of its existing gas infrastructure . With this cooperation framework, a boost in the production of liquefied natural gas ( LNG ) is expected. and an increase in exports to Europe, strengthening security of supply.
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Source: Eni
Photo: Shutterstock