Cyprus's Natural Gas Reserve to Supply Europe by 2028
Cyprus's natural gas reserves will supply Europe by March 2028, according to Energy Minister Michael Damianos. The East Mediterranean is becoming an alternative energy source for European nations due to Russia's war in Ukraine and upheaval in the Middle East.
TotalEnergies of France and Italy's Eni have made a final decision to proceed with developing the Cronos natural gas field off Cyprus' southern coast. This project will be the first time gas from east Mediterranean deposits is supplied to European markets.
The Cronos field holds more than 3 trillion cubic feet (tcf) of gas, and all of it will go to Europe under an agreement between Eni-TotalEnergies and the Egyptian government. However, there's a clause in the deal that allows for about a fifth of that amount to be used to cover some of Egypt's domestic energy needs.
The project involves piping Cronos gas to Egypt for processing at the Damietta facility on the northern shore, where it will be liquefied and transported by ship to Europe. This option was chosen because it is more economically viable than developing other gas fields inside Cypriot waters.