Cronos Gas Field Aims for 2028 Europe Supply as Cyprus Emerges as Energy Hub
European consumers will soon have access to natural gas from an undersea deposit off Cyprus' southern coast, thanks to a project led by TotalEnergies of France and Italy's Eni.
The Cronos natural gas field is expected to supply Europe with gas as early as March 2028, according to Cypriot Energy Minister Michael Damianos. The project will be the first time gas from east Mediterranean deposits is supplied to European markets, making it an important alternative energy source for Europe in light of Russia's war in Ukraine and upheaval in the Middle East.
The partnership has chosen to pipe Cronos gas to Egypt for processing due to its proximity to existing infrastructure, with a cost of roughly $2 billion. Although all of the over 3 trillion cubic feet of gas in Cronos is set to go to Europe, there's a clause allowing about a fifth to be used to cover some of Egypt's domestic energy needs.
Damianos emphasized that the project's significance lies not only in its economic benefits but also in Cyprus' emergence as an energy producer and its connection to the European grid through the Great Seas Interconnector project. The EU has already committed $760 million for this ambitious electricity cable, which will connect Europe's power grid with that of Cyprus and eventually Israel.