Cyprus Natural Gas to Supply Europe by March 2028

Cyprus's natural gas reserves are set to supply Europe by March 2028, according to Energy Minister Michael Damianos. The East Mediterranean region is becoming an alternative energy source for European nations due to Russia's war in Ukraine and instability in the Middle East.

The Cronos natural gas field, located off Cyprus' southern coast, will be developed by a consortium led by TotalEnergies of France and Eni of Italy. The project aims to extract over 3 trillion cubic feet of gas from the field, with a clause allowing for up to 20% of the production to be used for Egypt's domestic energy needs.

The pipeline connecting Cronos to existing infrastructure at Egypt's massive Zohr natural gas deposit will take approximately 18 months to complete and is expected to cost around $2 billion. The development of this project marks a significant milestone for Cyprus, which is seeking to become an energy producer and reduce its reliance on imported fuels.