AKEL on the “Kronos” gas field: A significant development with critical decisions and unresolved questions

 

20 May 2026, AKEL C.C. Press Office, Nicosia

The approval of the Development and Production Plan for the “Kronos” field is certainly a significant development in the process of exploiting Cyprus’s hydrocarbons.

At the same time, however, what is needed is seriousness and honesty, not mere public relations management of the development. Neither the Development and Production Plan, nor the commercial agreements previously concluded with Egypt, on their own, imply immediate commercial exploitation. The decisive prerequisite remains the companies’ Final Investment Decision, which will pave the way for the construction of the necessary infrastructure. Moreover, an investment decision is still pending for the “Aphrodite” field which was discovered in 2011.

This requires a level-headed approach and responsible statements. Citizens have been hearing announcements and timelines for years, both under the previous Anastasiades-DISY government and the current one, without seeing any tangible results in their daily lives, while people continue to pay exorbitant electricity bills.

As AKEL, we have repeatedly requested to be fully briefed on the terms of the agreements, the actual timelines set and the commitments undertaken by the Republic of Cyprus, without, however, receiving substantive answers.

We also raised the critical question of why the plan does not include utilizing part of Cyprus’s natural gas for the country’s domestic needs, addressing the marginal electricity supply, and reducing electricity costs.

The country needs serious energy planning, transparency, and a strategy that ensures energy security and the lowest possible energy costs.