Minister of Energy George Papanastasiou has said that the government deems as positive Chevron company's position on the need for synergies between the companies for natural gas in the Cyprus Exclusive Economic Zone. He added that on December 1st the company is expected to respond in writing to the government's letter and that from then on a relationship of trust should be built.

The Minister, who was present during the handover of the 19th Annual Report and Accounts of the Cyprus Energy Regulatory Authority to the President of the Republic, at the Presidential Palace, referred to the Eastern Mediterranean Conference and Exhibition that takes place in Cyprus since Tuesday, where many opinions and positions are presented regarding the use of natural gas in the Eastern Mediterranean. Many of the participants are owning companies of the infrastructure located within the Eastern Mediterranean.

"The position of our Ministry was very clear, that Cyprus is the priority and it is very important that the natural gas and natural wealth in the Cypriot EEZ be exploited as soon as possible and we expressed the position that that synergies should be made towards this direction", he said.

Referring to the synergies, Papanastasiou stated that the existing infrastructures should be put into use, but at the same time the companies should not try to exploit each field separately.

This means, he continued, that there can be common infrastructures and joint exploitation of deposits. He added that there should be a consultation, which the Ministry of Energy will assist so that the companies can enter into some kind of dialogue in order to conclude on some infrastructures and make it possible to exploit the fields.

The Minister referred to the war between Israel and Hamas, saying that Cyprus is very exposed to any crisis in the region, as energy is very dependent on external factors.

Papanastasiou said that the plan presented yesterday at the conference by the Ministry is on how to make use of the natural wealth of the Republic of Cyprus and convert it into electricity which is also the driving force of the market, but at the same time, how to use other means of energy production such as solar and wind energy. 

Asked about a statement by Chevron yesterday at the conference, on synergies between the companies, Papanastasiou welcomed the company's position saying that this is what the Ministry had in its plans. He referred to the medium and small size of the fields and their dispersion, saying that these deposits should either be connected to each other using some new or existing infrastructure and perhaps connected to other deposits located in the wider Eastern Mediterranean region.

So, he added, we agree with the position of the head of Chevron.

Asked about Chevron, the Minister said that December 1st is not an ultimatum, but after the new extension that the company has requested, it will respond to the government's letter of November 20th.

The government, he added, will wait for the company's position in writing on December 1st and from there on, both parties will have to build on that position so that there is trust in the sense that the direction should be common and accepted by both parties.

Asked if the government's plans continue as normal despite the developments in the region, the Minister noted that drilling is underway at Kronos 2 in the southwestern cluster of fields in the Cypriot EEZ, adding that any possible consequences of the war in the Middle East are also being considered.