Cyprus gas to reach European markets by early 2028, minister confirms
Cyprus expects to supply natural gas to Europe by March 2028 via the Cronos field, marking a new energy corridor for the EU.
European consumers could receive natural gas from Cyprus as early as March 2028, according to Energy Minister Michael Damianos. The development marks the first time gas from East Mediterranean deposits will be routed to European markets, offering an alternative as the continent reduces reliance on Russian energy.
Damianos confirmed that TotalEnergies and Eni have taken a final investment decision on the Cronos field, located off Cyprus's southern coast. The project involves a pipeline connecting Cronos to Egypt's Zohr infrastructure, with construction slated to begin later this year and take up to 18 months. Gas will then be processed at Egypt's Damietta facility for liquefaction and shipment to Europe.
The minister highlighted the strategic importance of the project, noting that ongoing conflicts in Ukraine and the Middle East have pushed Europe to diversify its energy sources. The $2 billion pipeline option was chosen for its cost-effectiveness, roughly half the expense of developing other Cypriot fields.
While the entire 3 trillion cubic feet of Cronos gas is earmarked for Europe, about one-fifth could be diverted to meet Egypt's domestic needs. Damianos acknowledged the reserve is modest, saying the project's significance lies in establishing Cyprus as a gas producer rather than generating substantial revenue.
Cyprus has discovered six gas deposits in its Exclusive Economic Zone. ExxonMobil and QatarEnergy, developing the Glaucus and Pegasus fields with an estimated 6.9 tcf, expect production by 2033. The minister noted ExxonMobil's track record of meeting timelines and said the company plans to expand exploration activities.
A decision on the Aphrodite field, holding 5.6 tcf, is expected by summer 2027 from a Chevron-led venture. The field, which extends into Israeli waters, awaits an arbitrator's ruling on Israel's share, expected next month.
Damianos also discussed the Great Seas Interconnector, an electricity cable linking Cyprus and Israel to Europe's grid. The project, backed by French investor Meridiam, faces cost review delays. An EIB report due in coming months will clarify expenses, with Cypriot consumers potentially covering 63% of construction costs. The EU has committed $760 million, and additional private investment is being sought to ease the burden on consumers.