Cyprus to supply natural gas to Europe by early 2028

European consumers could begin receiving natural gas from an undersea deposit off Cyprus as early as March 2028, the island nation's energy minister announced, marking what would be the first gas from the Eastern Mediterranean to reach European markets.

Michael Damianos told The Associated Press in an interview published Friday that Cyprus is poised to become "an alternative source of gas" for Europe as Russia's war in Ukraine and instability in the Middle East continue to disrupt traditional energy supplies.europeaninterest+1

The Cronos Development

The announcement follows a final investment decision reached in late July by TotalEnergies ↘ 0.51% of France and Italy's Eni ↘ 1.22%, who jointly approved development of the Cronos gas field in Block 6 of Cyprus's exclusive economic zone. The field, discovered in 2022 and appraised in 2024, holds more than 3 trillion cubic feet of gas and will be developed through four subsea wells.reuters+1

Under the plan, a pipeline will carry gas 105 kilometers from Cronos to Eni's existing Zohr facilities in Egypt, where it will be processed and then liquefied at the Damietta LNG terminal for export to Europe. Construction of the pipeline is expected to begin later this year and take approximately 18 months to complete. Production is projected to reach roughly 500 million cubic feet per day, equivalent to about 2.8 million tonnes per year of LNG.egyptoil-gas+3

TotalEnergies CEO Patrick Pouyanné called the project "a new gas route in the Mediterranean" that "will contribute to Europe's energy security by diversifying its LNG supply sources". Eni CEO Claudio Descalzi described it as "a concrete contribution to the diversification and security of Europe's gas supply".reuters+1

The development cost is estimated at around €1.73 billion, roughly half the expense of developing other Cypriot gas fields. Under the agreement, a fifth of the gas will be reserved for Egypt's domestic needs.europeaninterest

Broader Eastern Mediterranean Ambitions

Cronos is one of six gas deposits found in Cyprus's exclusive economic zone. ExxonMobil Exxon Mobil Corporation ↘ 1.16% and QatarEnergy, licensees for the Glaucus and Pegasus fields, expect production to begin by 2033. Another field, Aphrodite, holding about 5.6 trillion cubic feet, awaits a development decision from a Chevron ↘ 1.41%-led joint venture by summer 2027.europeaninterest

Damianos also highlighted the Great Seas Interconnector project, backed by French investment company Meridiam, which aims to connect Europe's power grid with Cyprus and eventually Israel. That project has exceeded its initial $2.2 billion cost estimate, with a European Investment Bank report expected to clarify updated figures.europeaninterest

"It's important for Europe at this time because of the war in Ukraine, because of this situation in the Middle East, that Cyprus is going to be an alternative source of gas," Damianos said.apnews