Cyprus to Supply Natural Gas to Europe by 2028

Cyprus is set to begin supplying natural gas to Europe from the Cronos field in its Exclusive Economic Zone by March 2028, according to Energy Minister Michael Damianos. This development marks the first time gas from East Mediterranean deposits will reach European markets. The project, developed by TotalEnergies and Eni, involves piping gas to Egypt’s Zohr field and processing it at the Damietta facility for export. The estimated cost is $2 billion, leveraging existing infrastructure to reduce expenses. While Cronos holds over 3 trillion cubic feet of gas, only about one-fifth may be used domestically in Egypt, with the remainder destined for Europe. Other fields like Glaucus, Pegasus, and Aphrodite are also in development, with companies like ExxonMobil and Chevron involved, expected to be operational by 2033. Additionally, the Great Seas Interconnector aims to link Cyprus and Israel to the European electricity grid, though it faces financial challenges with an expected construction cost exceeding $2.2 billion.