OIES – East Mediterranean: Cyprus Upstream to Help Stabilize Egypt Gas Balances

The main theme of the document concerns the development of gas fields off the coast of Cyprus, such as Aphrodite and Kronos, and their impact on stabilizing Egypt's gas balance.

Key findings include that both developments are aimed at exporting gas to Egypt, which is important for the market due to the volatility of Egypt's LNG trade. Egypt has shifted from LNG exports to imports, and it is expected that gas supplies from Cyprus will help stabilize its balance and resume LNG exports by 2030. Gas projects in Cyprus, such as Aphrodite and Kronos, have not yet made a final investment decision, but there is an intention to move them forward.