Cyprus Crude: Eastern Mediterranean Gas Flow Set for 2028
Cyprus is set to become an alternative energy source for Europe by mid-2028, according to Energy Minister Michael Damianos. The country's Cronos natural gas field will be developed by a consortium of TotalEnergies and Eni, with the first gas expected to reach European markets in March 2028.
The Eastern Mediterranean is becoming increasingly important as a new source of energy for Europe, driven by the ongoing conflict in Ukraine and instability in the Middle East. 'It's important for Europe at this time because of the war in Ukraine, because of this situation in the Middle East, that Cyprus is going to be an alternative source of gas,' Damianos said.
The Cronos field will be connected to Egypt's Zohr deposit via a pipeline, which is estimated to cost €1.73 billion. This option was chosen as it is the most cost-effective way to transport the gas, with the consortium expecting to deliver over 3 trillion cubic feet of gas primarily to Europe, while reserving a fifth for domestic use in Egypt.