Cyprus is set to become Europe's newest natural gas supplier, with production from the Cronos field off the island's sou...

Cyprus is set to become Europe's newest natural gas supplier, with production from the Cronos field off the island's southern coast expected to begin by March 2028, according to Cyprus Energy Minister Michael Damianos. TotalEnergies of France and Italy's Eni made a final investment decision last month to develop Cronos, which holds more than 3 trillion cubic feet of gas. It will mark the first time East Mediterranean gas reaches European markets, a milestone Damianos described as significant not for the revenue it generates but for Cyprus establishing itself as a producer. Work on a 105-kilometer undersea pipeline connecting Cronos to Egypt's existing Zohr gas infrastructure begins later this year and is expected to take up to 18 months. From there, gas will travel to the Damietta liquefaction facility on Egypt's northern coast before being shipped to Europe. The total project cost comes to around $2 billion, roughly half what it would cost to develop alternative fields. Cronos is one of six gas deposits discovered inside Cyprus' Exclusive Economic Zone. The two largest, Glaucus and Pegasus, jointly hold an estimated 6.9 trillion cubic feet. ExxonMobil and partner QatarEnergy hold licenses for those fields and expect gas to flow by 2033, with Damianos noting that ExxonMobil has a track record of meeting or beating its timelines. A third major field, Aphrodite, holds an estimated 5.6 trillion cubic feet. A final investment decision by a Chevron-led consortium is expected in summer 2027. Part of Aphrodite lies in Israeli waters, and an arbitrator is expected to rule on Israel's share of the field as early as next month. Cyprus is also advancing the Great Sea Interconnector, an electricity cable that would link the island to the European power grid and eventually to Israel. French investment firm Meridiam recently joined as a backer, though cost disputes and questions over how much Cypriot consumers will bear remain unresolved. #Cyprus #EastMediterranean #EnergyNews