Cyprus Gas Exports Set to Boost European Energy Security

Cyprus is on track to become an alternative energy source for Europe, thanks to the development of its Cronos offshore gas field. The field is expected to supply European markets from March 2028 through Egypt.

The project involves a consortium led by France's TotalEnergies and Italy's Eni, which took a final investment decision last month to develop the field located south of Cyprus.

Construction of a 105-kilometre pipeline linking the Cronos field to Egypt's existing Zohr gas infrastructure will begin later this year. The pipeline is expected to take up to 18 months to complete, and natural gas from Cronos will be transported to the Damietta liquefaction facility on Egypt's Mediterranean coast.

From there, it will be converted into liquefied natural gas (LNG) and shipped to Europe. Officials estimate the project will cost around $2 billion, making it significantly cheaper than developing standalone export infrastructure due to its proximity to Egypt's existing facilities.