Cyprus is positioning itself as a key player in Europe’s energy diversification efforts, with the upcoming production of natural gas from the Cronos field off its southern coast. President Nikos Christodoulides highlighted that Cronos, expected to begin production in the first half of 2028, represents a significant opportunity for the European Union to enhance its energy security by diversifying supply sources. The field, estimated to hold around 3 trillion cubic feet of natural gas, will be developed by Italian energy company Eni in collaboration with eight main contractors.
The gas extracted from Cronos will be transported via pipeline to Egypt’s Damietta facility for liquefaction before being exported primarily to European markets. At peak production, the field is projected to yield up to 500 million standard cubic feet per day. Christodoulides emphasized that the development of Cronos aligns with Europe’s broader need to reduce reliance on Russian energy following the 2022 invasion of Ukraine and the ongoing Iran war, which have driven up fuel prices.
Beyond Cronos, Cyprus has identified six other natural gas deposits within its exclusive economic zone, including ExxonMobil’s Glaucus and Pegasus fields. ExxonMobil’s vice president of global exploration, John Ardill, previously stated that these fields could start production by 2033, with the gas likely being piped to Egypt for liquefaction. Christodoulides described Cronos as a ‘substantive step’ toward Cyprus’s first natural gas production, underscoring its role in bolstering Europe’s energy security.