Natural gas deposits off Cyprus’s southern coast offer the European Union a chance to strengthen its energy security by diversifying supply, according to President Nikos Christodoulides. He announced that production from the first field, Cronos, is expected to start in the first half of 2028.
“Cyprus is part of the energy equation, providing Europe with diversification and strengthening the Union’s autonomy,” the president stated. The EU is seeking alternative energy sources after moving away from Russian oil and gas due to the invasion of Ukraine, while facing rising fuel prices linked to the conflict in Iran.
Italian energy company Eni recently signed contracts to develop Cronos, estimated to contain about 85 billion cubic metres of gas. Once extracted, the gas will be piped to Egypt’s Damietta facility for liquefaction and export to Europe, with peak production capacity expected to reach 14.16 million cubic metres per day.
President Christodoulides highlighted Cronos’s importance for the EU as a way to diversify energy sources within a member state. Additionally, six other natural gas deposits, including ExxonMobil’s Glaucus and Pegasus fields, are under consideration for development, with gas potentially flowing from them by 2033. Christodoulides described Cronos as a significant step towards Cyprus’s first natural gas production, supporting Europe’s energy security goals.
This article used information from The Associated Press.
