Cyprus's Cronos Gas Field Set to Fuel Europe by 2028
Cyprus's Energy Minister Michalis Damianos announced that natural gas from an undersea field off Cyprus's southern coast will start flowing to Europe as early as March 2028. This development is expected to make the European continent more energy independent and stabilize prices. The Cronos gas field, located within Cyprus's Exclusive Economic Zone, has estimated reserves of over 3 trillion cubic feet.
The project involves a consortium led by TotalEnergies and Eni, which took the final investment decision last month. Work on building a pipeline from Cronos to Egypt's Zohr gas field will start later this year and take up to 18 months. The gas will then be transported to Egypt's northern coast, where it will be liquefied for shipment to Europe.
The agreement between the consortium and Cyprus includes a clause allowing about one-fifth of the gas volume to cover part of Egypt's domestic energy needs. Damianos emphasized that while revenues from this project won't be huge, its importance lies in making Cyprus a producer and bringing natural gas on stream for the first time.
ExxonMobil and QatarEnergy are also licensed to exploit six gas fields within Cyprus's Exclusive Economic Zone, including Glafcos and Pegasus, which have combined estimated reserves of 6.9 trillion cubic feet. However, these fields are expected to start flowing only by 2033.