The production of indigenous gas in Cyprus EEZ, when materialized, will allow the construction of the necessary infrastructure for exports, such as subsea pipelines, liquefaction facilities, and others
Despite the obvious direct (e.g., economic revenues, economic development) and indirect (e.g., security of supply, jobs) advantages for Cyprus, this will also enhance the geostrategic position of Cyprus in the region and could contribute to the EU’s security of supply and diversification of routes. Through these export facilities, gas from the Eastern Mediterranean region will be transferred to European countries and contribute to supply diversification. The abovementioned plans for the monetization of the Aphrodite field could allow for the transport of the first molecules of Eastern Mediterranean gas to the EU, thus contributing to the European Union’s security of supply and diversification of sources and routes.
The Republic of Cyprus, in the context of its external energy policy, has promoted in recent years trilateral as well as quadrilateral cooperation between Cyprus and countries such as Greece, Israel and Egypt. Moreover, in the context of regional cooperation, which the Republic of Cyprus promotes and actively supports, the East Mediterranean Gas Forum (EMGF) was founded by seven countries of the region. The founding members are Egypt, Cyprus, Greece, Israel, Italy, Jordan and Palestine, while France was approved to join in March 2021. The Forum enjoys the full support of both the European Union and the United States of America. It is a platform for structured dialogue on technical and trade cooperation between importing, exporting, and transit countries to the natural gas pathway. The Forum also aims to create a regional gas market, while also exploring possible mechanisms to make the Eastern Mediterranean competitive in the global gas market. EMGF activities include the development of a Long-Term Strategy (LTS) for the EMGF and two new initiatives on “Gas Decarbonization” and “LNG as a fuel for vessels”, in line with global environmental trends.
“When assessed from a different perspective, in order to achieve its goals regarding hydrocarbon exploration and exploitation activities, Cyprus will need a skilled local workforce”
Finally, when assessed from a different perspective, in order to achieve its goals regarding hydrocarbon exploration and exploitation activities, Cyprus will need a skilled local workforce. In this respect, MECI has funded specialized training programs for public servants dealing with hydrocarbon issues, in order to improve their professional skills. For the private sector, MECI has funded scholarships for undergraduate as well as post-graduate degrees. In brief, the mid-term strategy of Cyprus is to develop a local workforce capable in supporting the expected expansion of the oil and gas industry.