Cyprus Gas to Flow to Europe by 2028 Amid Rising Energy Prices

Cyprus's Energy Minister Michalis Damianos announced that natural gas from an undersea field off Cyprus will start flowing to Europe as early as March 2028. This is expected to help make the European continent more energy independent and stabilize prices, which have been affected by Russia's war in Ukraine and turmoil in the Middle East.

The 'Cronos' gas field, developed by TotalEnergies of France and Italy's Eni, will be the first time that gas from Eastern Mediterranean fields feeds European markets. The project will involve building a pipeline to Egypt's 'Zohr' gas field, where the gas will be liquefied for shipment to Europe.

The development is seen as an alternative source of energy for European countries and will have significant economic benefits for Cyprus. Although the agreement provides that all of the more than 3 trillion cubic feet of gas from 'Cronos' will go to Europe, it includes a clause allowing about one-fifth of that volume to be used to cover part of Egypt's domestic energy needs.