Export Options Comparison
Cyprus has multiple options for monetizing its gas discoveries. Each route has different costs, timelines, and risk profiles. The optimal choice depends on volumes, market conditions, and geopolitical factors.
| Option | CAPEX | Capacity | Time to Gas | Status |
|---|---|---|---|---|
| Egypt Pipeline Pipeline to LNG | $1B | 8 Bcm/year | 3-4 years | Preferred for Aphrodite |
| Cyprus FLNG Floating LNG | $5-7B | 5-7 mtpa | 5-6 years | Under evaluation |
| EastMed Pipeline Direct to Europe | $6-7B | 10-20 Bcm/year | 8-10 years | Under study |
| Domestic Use Local market | $0.3-0.5B | 1-2 Bcm/year | 2-3 years | Priority segment |
Egypt Pipeline
Pipeline to LNG
$1B
Est. CAPEX
8 Bcm/year
Capacity
3-4 years
To First Gas
Advantages
- Lowest cost
- Uses existing LNG
- Faster first gas
- Proven route
Challenges
- Dependent on Egypt capacity
- Transit fees
- Third-party infrastructure
Cyprus FLNG
Floating LNG
$5-7B
Est. CAPEX
5-7 mtpa
Capacity
5-6 years
To First Gas
Advantages
- Sovereign control
- Flexible
- Scalable
- Direct LNG sales
Challenges
- Higher cost
- Longer timeline
- Requires more gas to justify
EastMed Pipeline
Direct to Europe
$6-7B
Est. CAPEX
10-20 Bcm/year
Capacity
8-10 years
To First Gas
Advantages
- Direct European access
- Joint with Israel
- EU support
Challenges
- Very high cost
- Longest route
- Economic challenges
- Turkey tensions
Domestic Use
Local market
$0.3-0.5B
Est. CAPEX
1-2 Bcm/year
Capacity
2-3 years
To First Gas
Advantages
- Energy security
- Lower emissions
- No export risk
Challenges
- Small market
- Low volumes
- Cannot monetize large reserves
Likely Development Pathway
Based on current negotiations and project economics, the most likely development scenario is:
1
Aphrodite → Egypt (2027-2028)
First development via pipeline to Egyptian LNG facilities. Lowest risk, fastest path to revenue.
2
Block 6 → FLNG or Egypt (2028-2030)
ENI's discoveries may justify standalone FLNG or share Egypt route depending on volumes.
3
Glaucus → TBD (2030+)
Requires further appraisal. Could tie into either existing infrastructure or justify new facilities.