Egypt, Cyprus Sign Gas Export Deals Amid Cairo Energy Push
TLDR
- Egypt and Cyprus have signed agreements for the reexport and commercialization of Cypriot gas
- The move is crucial for Cairo as it seeks to sustain its role as a regional energy hub
- Aphrodite, discovered in 2011, holds an estimated 4.4 trillion cubic feet of natural gas but remains undeveloped
Egypt and Cyprus have signed agreements for the reexport and commercialization of Cypriot gas, a move crucial for Cairo as it seeks to sustain its role as a regional energy hub amid declining domestic output.
Under the deals, gas from the Cronos and Aphrodite fields off Cyprus’s coast will be transported to Egypt’s liquefaction facilities in Idku and Damietta before being exported as liquefied natural gas (LNG).
Aphrodite, discovered in 2011, holds an estimated 4.4 trillion cubic feet of natural gas but remains undeveloped. Chevron, Shell, and NewMed Energy are its key stakeholders.
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Points clés à retenir
The agreements mark a strategic shift for Egypt as it turns to regional partnerships to offset declining domestic gas production. Egypt’s output hit its lowest since 2017 in mid-2024, forcing the country to increase LNG imports. A foreign currency crisis and unpaid arrears to international oil firms stalled investment in oil and gas fields, worsening supply constraints. The new gas agreements could provide a short-term boost to Egypt’s LNG export capacity, while Cairo works to stabilize its economy following a $57 billion bailout from the UAE, IMF, and other lenders. Egypt aims to resume stable gas exports by 2027, leveraging regional partnerships to secure supply and maintain its strategic position in global energy markets.
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