In a statement released on Sunday morning, the Ministry of Energy said it "welcomes the said declaration of commerciality."

A statement added:

In accordance with the contractual obligations undertaken by the Licensees of Block 12 of the Cypriot EEZ towards the Republic of Cyprus, the submission to the Cypriot Government of a Development and Production Plan for the Aphrodite field will follow.

The Development and Production Plan is expected to include the Licensees’ proposal with regard to the method and the timeline for development and production, as well as the planning for the sales and marketing of the hydrocarbons produced. The Plan is subject to final approval by the Government of Cyprus.

If and when an agreement is reached and the Plan is approved, the Council of Ministers will be called upon to grant the Licensees the relevant Exploitation License.

The terms governing the exploitation of hydrocarbons in exploration Block 12, will be determined by the Government of Cyprus, in accordance with the applicable national law and any relevant intergovernmental agreements.

The declaration of commerciality confirms the existence of substantial recoverable natural gas reserves in exploration Block 12 of Cyprus’ EEZ.

It constitutes a significant milestone to Cyprus’ transition from the hydrocarbons exploration phase to that of exploitation.

It is another important step towards the monetization of the country’s indigenous natural gas reserves, both for domestic electricity generation and other uses, as well as exports via direct subsea pipelines to neighbouring countries with which the Republic of Cyprus maintains excellent bilateral relations.

Source: Famagusta Gazette