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Natural gas extracted from an undersea deposit off Cyprus will reach European markets by the first half of 2028, according to Cypriot Energy Minister Michael Damianos. The development marks the first time natural gas from East Mediterranean deposits will be supplied to European markets, providing an alternative energy source as the continent moves away from Russian supplies.
Cronos Field Development and Export Route
Energy partners TotalEnergies of France and Italy’s Eni reached a final decision last month to proceed with developing the Cronos natural gas field, located off the southern coast of Cyprus, according to statements made by Michael Damianos in an interview with The Associated Press. Under the consortium timetable, construction on a subsea pipeline linking Cronos to existing infrastructure at Egypt’s Zohr natural gas deposit—situated 105 kilometers, or 65 miles, away—will begin later this year.
The pipeline project will take up to 18 months to complete. Once finished, gas from Cronos will travel to the Damietta processing facility on Egypt’s northern shore. At the facility, the gas will be liquefied for transport via ship to European markets. According to Michael Damianos, piping the gas to Egypt for processing was selected as the most economically viable option, carrying an estimated price tag of $2 billion, or roughly 1.73 billion euros, which is half the cost of developing alternative gas fields inside Cypriot waters due to its proximity to existing infrastructure.
Production Volumes and Regional Agreements
The supply agreement dictates that all of the estimated more than 3 trillion cubic feet (tcf) of natural gas contained in the Cronos field will be directed to Europe. However, the deal includes a specific clause allowing approximately one-fifth of that volume to be diverted to cover domestic energy needs in Egypt, as noted by Michael Damianos. Six natural gas deposits have been discovered inside Cyprus’ Exclusive Economic Zone off its southern coastline.
Among the other major discoveries are the Glaucus and Pegasus fields, which jointly hold an estimated 6.9 tcf of natural gas. ExxonMobil and partner QatarEnergy, licensed to develop those fields, expect extraction to begin by 2033. Michael Damianos noted that ExxonMobil plans to expand exploration activities off Cyprus and will likely receive an additional hydrocarbon search license. Meanwhile, the Aphrodite field, discovered roughly 15 years ago and holding an estimated 5.6 tcf, awaits a final development decision by a Chevron-led joint venture expected in the summer of 2027.
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