Cronos Gas Field Set to Supply Europe by 2028

Cyprus is on track to become an alternative energy source for European nations as Russia's war in Ukraine and upheaval in the Middle East drive the continent to seek new sources. According to Energy Minister Michael Damianos, natural gas from the Cronos field off Cyprus' southern coast will be supplied to Europe by March 2028.

The Cronos project, a partnership between TotalEnergies of France and Italy's Eni, will involve piping gas to Egypt's Zohr deposit for processing and then liquefying it for transport by ship. This option was chosen as the most economically viable, costing around $2 billion, roughly half the estimated cost of developing other fields inside Cypriot waters.

Once operational, the Cronos field is expected to supply more than 3 trillion cubic feet of gas to Europe, with a clause allowing for up to 20% of that amount to be used to cover Egypt's domestic energy needs. Cyprus' energy minister hailed this development as 'important for Europe at this time,' given the current global situation.

ExxonMobil and QatarEnergy are also developing two other gas fields, Glaucus and Pegasus, which jointly hold an estimated 6.9 trillion cubic feet of gas. However, these are not expected to start producing until 2033. Another field, Aphrodite, is being developed by a Chevron-led joint venture, with a final decision on its development expected in summer 2027.

Separately, the Great Seas Interconnector project aims to connect Cyprus and Israel's power grids to Europe's grid through an electricity cable. The project has faced delays due to cost overruns, but European Investment Bank funding and private investment are being explored to offset the burden on Cypriot consumers.