Cyprus, Greece and Egypt seek closer energy cooperation

Damianos highlights Cyprus’ gas potential at Athens energy conference Cyprus Energy Minister Michael Damianos has called for closer regional energy cooperation and greater use of existing infrastructure to develop Eastern Mediterranean resources and strengthen energy security. Speaking at an East Mediterranean Gas Forum (EMGF) and HELLENiQ ENERGY conference in Athens on Wednesday, Damianos said cooperation between governments and energy companies would be essential to making better use of the region’s energy potential. He said the Eastern Mediterranean needed a coherent regional energy system capable of bringing the area’s energy resources to international markets, particularly the European market, in an efficient and economically viable way. Damianos also held separate bilateral meetings with Greek Environment and Energy Minister Stavros Papastavrou and Egyptian Petroleum and Mineral Resources Minister Karim Badawi on the sidelines of the conference. The three ministers subsequently held a trilateral meeting to discuss ways of further strengthening energy cooperation between Cyprus, Greece and Egypt, as well as prospects for making more effective use of the region’s energy potential. According to an official announcement, the meetings confirmed the importance of close coordination between the three countries in promoting projects and initiatives that could strengthen both energy connectivity and security of supply in the Eastern Mediterranean and Europe. Damianos took part in a ministerial discussion titled “Strategic Voices Shaping the Eastern Mediterranean Energy Corridor” during the conference. He highlighted the need for a coherent system that would allow the Eastern Mediterranean’s resources to reach international markets, particularly Europe, while remaining economically sustainable. The minister also referred to recent gas discoveries, placing particular emphasis on the Cronos and Aphrodite gas fields. He stressed the strategic importance of cooperation between Cyprus and Egypt for the transport, processing and commercial development of Cypriot natural gas, making use of Egypt’s existing infrastructure and capabilities. Damianos said the development of Eastern Mediterranean energy resources required a broader regional approach and could not be pursued through isolated projects. He argued that making optimal use of existing infrastructure, alongside targeted new infrastructure and interconnections where necessary, could reduce costs and speed up project implementation. Such an approach could also help diversify energy sources and strengthen Europe’s energy security, he added. Damianos also highlighted the prospects of Cyprus’ EEZ, saying it continued to have significant potential for further exploration and development. He briefed participants on the Glaucus and Pegasus discoveries in Block 10, adding to the region’s wider potential for future energy development. The minister also stressed that the Eastern Mediterranean energy corridor had a long-term outlook that extends beyond natural gas. The comments come as Cyprus, Greece and Egypt continue to develop closer energy ties, with Egypt’s established gas infrastructure seen as a potential route for bringing Cypriot gas to market.