The government must fully brief on the plan for the development of Cyprus’s natural gas reserves

 

1 July 2026, AKEL C.C. Press Office, Nicosia

In response to the statement that the “Glafkos” and “Pegasus” fields in Block 10 of Cyprus’s Exclusive Economic Zone (EEZ) are commercially viable, AKEL notes that this is a positive development. After all, the development, utilization, and commercial exploitation of our natural resources constitute a sovereign right of the country and a strategic asset for the Cypriot people.

We reiterate, however, that real progress will only become evident in practice once we have the final investment decisions before us, which will pave the way for the implementation of the necessary infrastructures. To date, there has been no final investment decision for any of the fields, not even for the first confirmed field, “Aphrodite,” which has remained undeveloped for the past 15 years.

We once again call on the government to fully brief on the overall plan for the development of Cyprus’s natural gas fields, the terms of the agreements, the actual timeframes, the obligations undertaken by the companies, as well as with regards how the Cyprus economy and society will benefit.

Indeed, against the backdrop of the energy shortage Cyprus is facing, experts and technocrats are once again emphasizing the need to use part of Cyprus’s natural gas to meet the country’s domestic needs. The government must therefore reconsider this specific demand.

Cyprus needs a serious and comprehensive energy plan that is transparent and based on a strategy that serves the public interest, ensures substantive economic benefits, strengthens energy security, and helps reduce electricity costs for households and businesses.