The development of the Aphrodite gas field in Cyprus is facing delays due to Chevron’s extension for submitting its plan, disagreements on gas transportation, and concerns about the project’s financial viability. These complex decisions are crucial for Cyprus’ energy aspirations, with a new deadline set for March 2024, but the future of the project remains uncertain.
energy sector developments
The new €16.7m road network in Vasilikos, Cyprus, offers significant benefits by facilitating the commute of heavy vehicles to strategic locations and enhancing transportation, energy, commercial growth, and public safety. It marks the fulfillment of relocating oil and gas storage from Larnaca’s coast and attracts major enterprises, contributing to economic growth. The project, initiated in January 2020 and completed in October, includes 9.3 kilometers of roadways, six roundabouts, a bridge, pedestrian sidewalks, and road lighting. It is a pivotal development for transportation, energy, and commerce, and it expands the Vasilikos Energy and Industrial Zone, attracting significant enterprises. Future developments include the construction of a perimeter fence, fire suppression system, and special security center, ensuring enhanced security and safety measures for Vasilikos. The project signifies the government’s commitment to improving the transportation framework and fostering the energy sector’s development.
The Research and Innovation Foundation (RIF) of Cyprus has launched two new funding initiatives to boost the country’s energy sector. The “Research in EnterprisesEnergy” program offers a €4 million budget for energy management technologies, while the “CODEVELOPREPowerEU” program provides a €6 million budget for collaborative innovation in energy efficiency and climate change solutions. These initiatives aim to support technological advancements and green energy solutions, aligning with the European Commission’s REPowerEU scheme for a continentwide shift towards cleaner energy.
The anticipated start date for natural gas extraction from the Aphrodite gas field in Cyprus is expected to be around 2027 or 2028. The Cypriot government and Chevron are working collaboratively towards a mutually beneficial development plan, with ongoing discussions and technical committees engaging in dialogue to reach an agreement. The government is also promoting energy selfsufficiency for households through the installation of photovoltaic systems and future plans for battery installations.