Cyprus and Egypt sign framework agreement on hydrocarbon development

On March 30, 2026, Cyprus and Egypt signed a framework agreement in Cairo to facilitate the development and commercial exploitation of natural gas from the Aphrodite and Cronos fields in Cyprus's Exclusive Economic Zone. The agreement was finalized during the EGYPES 2026 energy conference in the presence of President Nikos Christodoulides and President Abdel Fattah el-Sisi. Under the deal, the gas will be transported to Egypt for liquefaction, with the objective of exporting it to European markets or meeting domestic Egyptian needs. While the government insists that official timelines for the first natural gas extraction between late 2027 and mid-2028 remain unchanged, no Final Investment Decision (FID) has yet been reached with the Eni-Total consortium regarding the Cronos field. Government officials, including Minister of Energy Michalis Damianou, describe the delay as a result of complex legal and commercial negotiations rather than a lack of cooperation. The project aims to utilize Egypt's existing Zohr field infrastructure and liquefaction facilities. Meanwhile, the Cypriot government continues to engage with energy companies to expedite the remaining contractual requirements.