Cronos Natural Gas to Supply Europe by March 2028

Cyprus is set to become an alternative energy source for European nations as early as March 2028, with the island nation's Energy Minister Michael Damianos announcing that natural gas from the Cronos field off its southern coast will be supplied to Europe. The East Mediterranean region is fast becoming a vital energy hub due to Russia's war in Ukraine and instability in the Middle East.

The partners TotalEnergies of France and Italy's Eni made a final decision last month to proceed with developing the Cronos natural gas field, which will be the first time gas from east Mediterranean deposits is supplied to European markets. The project involves piping the gas from Cronos to existing infrastructure at Egypt's massive Zohr natural gas deposit 65 miles away.

The deal includes a clause that allows about a fifth of the more than 3 trillion cubic feet of gas in Cronos to be used to cover some of Egypt's domestic energy needs. The project is expected to cost around $2 billion, which is roughly half the estimated cost of developing other gas fields inside Cypriot waters due to its proximity to existing infrastructure.

The EU has already committed $760 million for the Great Seas Interconnector project, an electricity cable that will connect Europe's power grid with that of Cyprus and eventually Israel. However, the project is currently tied up in red tape over its real cost, which could increase significantly if Cypriot energy consumers have to put up as much as 63% of the construction cost.