A new agreement signed Monday between Cyprus and Egypt forms part of the process to finalize the legal and commercial framework needed to develop natural gas fields in Cyprus’ exclusive economic zone, the government’s spokesman for the presidency said.
Victor Papadopoulos told state radio that Nicosia has no disagreements with the companies operating the “Cronos” field and that all sides share the goal of completing the required agreements as quickly as possible to enable commercial exploitation.
He said negotiations are underway to reach a final deal, noting that detailed legal provisions are needed to clearly define the rights and obligations of all parties involved.
Papadopoulos added that the development timeline for the field remains unchanged, despite speculation that the target of beginning operations in 2027 may be unrealistic.