Cypriot Energy Minister Giorgos Lakotripis signed today the licenses for the begining of the commercial exploitation of the “Aphrodite” deposit in the Cypriot EEZ.

The production will begin in 2025 with an estimated revenue for the Republic of Cyprus at $9.3 billion over an 18-year period.

The licenses, which are the first of their kind granted by the Republic of Cyprus, are based on the final development and production plan of the deposit agreed between the Ministry of Energy and consortium of Noble Energy, Shell and Delek.

Under the plan, the natural gas from the “Aphrodite” gas field will be transferred by an underwater pipeline to Egypt, from where it will be exported as LNG to Europe and international markets.

Speaking at a news conference, Mr. Lakotripis described the signing of the agreements as a particularly important development that allows Cyprus to become a gas producer for the first time, but noted that much remains to be done.