Talks between Total and Eni and the government to explore Block 7 of Cyprus’ EEZ are at an advanced stage and the announcement of an agreement is only a matter of time a government source told state broadcaster CyBC, it announced recently.

A strong 16% increase was recorded in credit card transactions during April 2019, reflecting the continuous recovery in consumption, while tax and other online payments to the state played a significant part in the upswing.

Greek oil and gas firm Energean has submitted to the Cyprus Energy Regulatory Authority (CERA) an updated proposal to supply the island with natural gas through an FPSO, which will commence operations in March 2021 in the EEZ of Israel.

Energy Minister Giorgos Lakkotrypis said significant progress has been achieved in negotiations with energy giants Total and Eni over an offshore concession inside the island’s exclusive economic zone (EEZ).

The Cypriot economy is projected to grow at robust rates in 2019 and 2020, albeit at a somewhat slower pace than the growth rate of 3.9% registered last year, University of Cyprus Economic Research Centre (ERC) said.

Building permits issued in the first two months of 2019 recorded an 8.63% increase compared to those issued in the same period in 2018.

Revenue from tourism rose 1% to €92m in the first two months of the year despite a drop in per capita spending, the statistical service said recently.

Revenue from the Cyprus ship management industry climbed 4.34% to €528 million in the second half of 2018, compared with the first six months.

Last week, the Minister of Energy, Mr. Yiorgos Lakkotrypis said that Cyprus expects the initial natural gas production from the Aphrodite field between 2024 and 2025.

Cyprus’ economic growth is expected to remain strong, driven by domestic demand, but downside risks are on the rise, according to the European Commission’s Spring Economic Forecasts, which were released recently.