Cyprus Oil & Gas 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.
Updated July 2026 · Sources: MECI, operator announcements
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
February
March
Q2
Q3
Q4
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 — As Forecast at the Time
These were our end-of-2024 expectations, preserved for the record. For what actually happened — the Pegasus discovery, Aphrodite plan approval and FEED launch, and the Cronos export agreement — see the 2025 Year in Review.