Cyprus' Natural Gas to Fuel European Markets by 2028

Cyprus' Energy Minister Michael Damianos announced that natural gas from an undersea deposit off Cyprus will supply European markets by March 2028. The East Mediterranean is emerging as a significant alternative energy source for Europe, driven by Russia's war in Ukraine and the Middle East turmoil.

The Cronos natural gas field, located off Cyprus' southern coast, will be developed by the Eni-TotalEnergies consortium. A pipeline from Cronos to Egypt's Zohr natural gas deposit, 65 miles away, is expected to take up to 18 months to complete and cost $2 billion.

The gas will then be liquefied at Egypt's Damietta processing facility for transport by ship to Europe. Although the agreement is for all of the 3 trillion cubic feet of gas in Cronos to go to Europe, a clause allows up to 20% to cover some of Egypt's domestic energy needs.

Cyprus' Exclusive Economic Zone has yielded six natural gas deposits so far, with two of them jointly holding an estimated 6.9 trillion cubic feet. ExxonMobil and QatarEnergy expect gas from these fields to start flowing by 2033.