Cyprus Set to Supply Europe with Natural Gas from Cronos Field by 2028
European consumers may soon have access to natural gas from a deposit under the sea near Cyprus. Cyprus’ energy minister, Michael Damianos, stated that gas delivery is expected by March 2028. The East Mediterranean region is emerging as an alternative energy source for Europe, driven by disruptions from Russia’s conflict with Ukraine and instability in the Middle East.
The Cronos natural gas field, found off Cyprus’ southern coast, will be developed by TotalEnergies of France and Italy’s Eni. The project marks the first instance of east Mediterranean gas reaching European markets. Damianos highlighted its significance for Europe given the geopolitical climate.
Work on the pipeline from Cronos to Egypt’s existing Zohr gas infrastructure, located 105 kilometers away, will start later this year. The construction is estimated to take up to 18 months. Once completed, the gas will be sent to Egypt’s Damietta facility, liquefied, and shipped to Europe.
The chosen method of piping gas to Egypt is economically favorable, costing approximately $2 billion. This is about half the cost of developing other Cypriot gas fields due to its proximity to established infrastructure. The agreement allows for a fifth of the gas to supply Egypt’s domestic energy needs, despite Europe being the primary recipient.
Cyprus’ Exclusive Economic Zone encompasses six natural gas deposits, including Cronos. The Glaucus and Pegasus fields hold about 6.9 trillion cubic feet of gas combined. ExxonMobil and QatarEnergy, licensed developers, expect these fields to produce gas by 2033.
ExxonMobil’s track record suggests they may meet or exceed their project timeline. They plan further exploration off Cyprus, with an additional license expected soon. Another field, Aphrodite, holds 5.6 trillion cubic feet of gas. A Chevron-led joint venture may finalize its development by summer 2027, linking it directly to Egyptian facilities.
A portion of Aphrodite lies within Israeli waters. Arbitration is expected to resolve Israel’s share by next month. Additionally, an electricity cable project aims to connect Cyprus and Israel, ending their energy isolation.
Meridiam, a French investment firm, has joined the Great Seas Interconnector project. This cable will link Europe’s power grid with Cyprus and potentially Israel, supporting the EU’s energy and trade ambitions with the Gulf and India.
The project faces delays due to cost uncertainties. The European Investment Bank is preparing a report to clarify expenses. Cyprus may have to fund up to 63% of the cable cost, impacting electricity prices. Efforts to attract private investments and EU funding are ongoing, with the EU already committing $760 million.
Connecting Cyprus to the European grid is crucial. This initiative also paves the way for future links with Israel, further integrating regional energy systems.