Recent developments indicate that a portion of the estimated 20 trillion cubic feet of natural gas discovered in the waters off Cyprus may be available to European markets as early as 2027. This announcement was made by Cypriot President Nikos Christodoulides, who highlighted Europe’s ongoing efforts to reduce its reliance on Russian energy sources.
During an energy conference, President Christodoulides stated that the initial volume of natural gas earmarked for export will come from the Cronos deposit. This project is managed by a consortium that includes the Italian company Eni and the French firm TotalEnergies. He further noted that the consortium is expected to reach a final decision on advancing this project in the coming year. The natural gas from Cronos is expected to be processed at a liquefaction facility in the Egyptian port city of Damietta, from which it will be transported to European markets by ship in 2027.
“Cyprus is part of the energy solutions for energy security in the eastern Mediterranean, and like I said, it’s an important objective to align your interests with those of powerful states and to act as an alternative energy corridor for Europe,” President Christodoulides said.
During this conference, Cypriot Energy Minister George Pananastasiou emphasised the potential for natural gas from the Cronos deposit to enter markets rapidly, thanks to its link to the existing infrastructure associated with Egypt’s Zor deposit, located approximately 80 kilometres away. He characterised the target timeline of late 2027 for bringing Cronos gas to market as “optimistic but achievable.”
The plans to export gas from the Aphrodite deposit involve utilising a floating processing plant that will convert hydrocarbons into “dry gas” for direct delivery to consumers in Egypt. This processed gas is intended to be transported to a facility near Port Said, where it may either be utilised domestically or liquefied for export to Europe, contingent upon discussions with the deposit’s operator, a consortium comprising Chevron, Shell, and NewMed Energy.
Furthermore, President Christodoulides announced an upcoming visit to Lebanon to discuss Cyprus’s energy initiatives. The Lebanese government has yet to ratify an agreement regarding maritime boundaries, which restricts Cyprus’s ability to explore areas adjacent to Lebanese waters. There is considerable interest from major energy companies in securing licenses for additional blocks within Cyprus’s territorial waters. ExxonMobil and QatarEnergy currently hold licenses for two blocks off the southern coast, where they have identified significant gas deposits: Glaucus, estimated at 4.5 trillion cubic feet, and the still-evaluated Pegasus.
This article used information from The Associated Press.
