Cyprus to Supply Europe with Natural Gas by March 2028

Europe is set to receive natural gas from an undersea deposit off Cyprus as early as March 2028, according to Cypriot Energy Minister Michael Damianos.

The Cronos field, located in the East Mediterranean, will be developed by a consortium of TotalEnergies and Eni, two major energy companies. The project's estimated cost is $2 billion, roughly half the price of developing other gas fields inside Cypriot waters.

Damianos emphasized the importance of Cyprus as an alternative energy source for European nations due to Russia’s war in Ukraine and the upheaval in the Middle East. He noted that while the country's income from the project will not be substantial, it marks a significant milestone in becoming a producer and having its first gas.

The gas from Cronos will be transported to Egypt's Damietta processing facility via pipeline, where it will be liquefied for transport by ship to Europe. The agreement includes a clause that allows up to 20% of the gas to be used to cover some of Egypt’s domestic energy needs.