Cyprus' Cronos Gas Field Set to Supply European Markets by 2028

Cyprus' Energy Minister Michael Damianos announced that natural gas from an undersea deposit off Cyprus will start supplying European markets as early as March 2028. The East Mediterranean is emerging as a new alternative energy source for Europe, driven by the continent's need to diversify its energy supply following Russia's war in Ukraine and instability in the Middle East.

The Cronos natural gas field off Cyprus' southern coast will be developed by TotalEnergies of France and Italy's Eni. A pipeline from Cronos to Egypt's massive Zohr natural gas deposit, where it will be processed before being transported to Europe, is set to begin construction later this year and take around 18 months to complete.

The project aims to supply more than 3 trillion cubic feet of gas from the Cronos field, with a clause allowing for up to 20% of that amount to be used to cover Egypt's domestic energy needs. While Cyprus will not reap significant financial benefits from this deal, Minister Damianos emphasized its importance as a milestone in becoming an energy-producing country.

The development of the Cronos field is part of Cyprus' larger efforts to exploit its natural gas resources, with several fields already discovered off its coast including Aphrodite and Glaucus. The Aphrodite field, first discovered 15 years ago, holds an estimated 5.6 trillion cubic feet of gas and is set to be developed by a Chevron-led joint venture, with a final decision expected in the summer of 2027.