Cyprus Nears Natural Gas Export Status as Cronos Field Development Advances
Cyprus is edging closer to becoming a natural gas exporter for the first time, with production targeted from 2028 as Europe seeks new supply sources.
The Cronos natural gas field in Cyprus's exclusive economic zone is nearing development by Italy's Eni and France's TotalEnergies, who are working towards a final investment decision by July. This project will add a new source of natural gas for European markets, which have suffered disruptions due to the war with Iran and Russia's invasion of Ukraine.
TotalEnergies CEO Patrick Pouyanné said that the joint venture with Eni as operator gives them access to around 1.4 million tonnes of LNG in Egypt, very close to the European market. The gas will be piped to Egypt, liquefied, and then exported by tanker to European markets from 2028.