Annual Review
2024 Year in Review
2024 was a year of commercial progress rather than new discoveries. Focus shifted from exploration to development planning as Cyprus moved closer to first gas production.
0
New Discoveries
0
Wells Drilled
$150M
Investment
0
New Seismic (km²)
Year Summary
2024 marked a transition year for Cyprus's hydrocarbon sector. With no new exploration drilling, the focus shifted to advancing existing discoveries toward commercial development. Key themes included:
- Aphrodite Progress: Chevron continued negotiations with Egypt on transit terms and advanced discussions with potential LNG buyers. FEED engineering was completed, positioning the project for FID.
- Block 6 Studies: ENI evaluated development concepts for the Cronos-Calypso-Zeus cluster, with the FLNG vs Egypt pipeline decision expected in 2025.
- Glaucus Planning: ExxonMobil finalized plans for Glaucus appraisal drilling, scheduled for 2025.
- Regional Cooperation: The East Mediterranean Gas Forum continued to strengthen, with Cyprus actively participating in regional energy security discussions.
Key Events by Quarter
January
commercial
Chevron Egypt negotiations continue
Discussions on Aphrodite transit terms advance
February
technical
ENI Block 6 concept studies
FLNG vs Egypt pipeline options evaluated
March
exploration
ExxonMobil appraisal planning
Glaucus appraisal well program finalized
Q2
licensing
Block 5 licensing discussions
Government explores interest in unlicensed blocks
policy
Domestic gas policy update
Framework for Cyprus domestic supply requirements
Q3
technical
Aphrodite FEED completion
Engineering studies conclude, ready for EPC tender
diplomatic
Regional energy summit
East Med Gas Forum ministerial meeting
Q4
commercial
Commercial agreements progress
Aphrodite GSA discussions with Asian buyers
exploration
2025 drilling program announced
ExxonMobil confirms Glaucus appraisal
Project Status at Year End
Aphrodite
Block 12 · Chevron
FEED complete. Egypt transit agreement in advanced negotiation. FID expected 2025-2026.
Block 6 Cluster
Cronos/Calypso/Zeus · ENI
Cluster concept studies ongoing. Export route decision expected 2025. FID 2026-2027.
Glaucus
Block 10 · ExxonMobil
Appraisal drilling scheduled for 2025. Development concept pending appraisal results.
2025 Outlook
Aphrodite FID Decision
Final commercial agreements and investment decision expected
Glaucus Appraisal Drilling
ExxonMobil to drill appraisal well to refine reserve estimates
Block 6 Export Route Decision
ENI to select between FLNG and Egypt pipeline option
New Licensing Round?
Government may announce 5th licensing round for remaining blocks