Cronos Project Connects Cyprus Gas to European Markets

For years, Egypt was a major exporter of natural gas to Europe. However, due to declining domestic production and rising consumption, Cairo has turned to importing large volumes of liquefied natural gas (LNG), mainly from the US.

Cyprus, on the other hand, has significant natural gas discoveries in its exclusive economic zone, but lacks commercial production and export infrastructure. To address this, Egypt and Cyprus have launched a strategic project called Cronos, which will send Cypriot gas to Egypt for processing and liquefaction, primarily for European markets.

The Cronos field in Block 6 is expected to start producing approximately 14 million cubic meters of gas per day from 2028, equivalent to around 5.2 billion cubic meters per year or 2.8 million tonnes of LNG annually. A new subsea link between Cyprus and Egypt will connect the field to existing infrastructure at Port Said.

The project is seen as a cheaper solution for Cyprus, avoiding multibillion-dollar investment in new export infrastructure, while also providing Egypt with an opportunity to use its existing facilities and bring them back into use after years of underutilization. Europe, meanwhile, will benefit from another source of gas diversification away from Russia.