Cronos offshore gas field expected to supply European markets from March 2028 through Egypt
Nicosia, Cyprus: Natural gas from an offshore field in Cyprus could start reaching European markets as early as March 2028, according to Cyprus Energy Minister Michael Damianos, as Europe continues efforts to diversify energy supplies amid the ongoing war in Ukraine and instability in the Middle East.
Damianos said the eastern Mediterranean is emerging as an important alternative energy source for Europe, with the development of the Cronos natural gas field representing a major milestone for the region.
The project moved forward after France’s TotalEnergies and Italy’s Eni took a final investment decision last month to develop the offshore field located south of Cyprus.
“It’s important for Europe at this time because of the war in Ukraine, because of this situation in the Middle East, that Cyprus is going to be an alternative source of gas,” Damianos told The Associated Press.
First eastern Mediterranean gas for Europe
According to the timetable outlined by the Eni-TotalEnergies consortium, construction of a pipeline linking the Cronos field to Egypt’s existing Zohr gas infrastructure will begin later this year.
The 105-kilometre pipeline is expected to take up to 18 months to complete.
Once connected, natural gas from Cronos will be transported to the Damietta liquefaction facility on Egypt’s Mediterranean coast, where it will be converted into liquefied natural gas (LNG) and shipped to Europe.
Officials estimate the project will cost around $2 billion (€1.73 billion), making it significantly cheaper than developing standalone export infrastructure because of its proximity to Egypt’s existing facilities.
The Cronos field contains more than 3 trillion cubic feet (tcf) of natural gas.
Although the agreement is aimed primarily at supplying Europe, a provision allows up to 20% of production to be used to meet part of Egypt’s domestic energy demand.
More gas projects in pipeline
Damianos described Cronos as relatively modest in size but significant for Cyprus because it marks the country’s entry into gas production.
“Our income as a country is not going to be huge, so its importance is not the money, its importance is the commencement of being a producer and having first gas,” he said.
Cronos is one of six gas discoveries within Cyprus’ Exclusive Economic Zone.
Two larger deposits, Glaucus and Pegasus, are estimated to contain a combined 6.9 trillion cubic feet of gas.
Developers ExxonMobil and QatarEnergy expect production from those fields to begin by 2033.
Damianos said ExxonMobil is also planning to expand exploration activities in Cypriot waters and is expected to receive an additional licence for further hydrocarbon exploration.
Aphrodite decision expected in 2027
Another major offshore discovery, Aphrodite, holds an estimated 5.6 trillion cubic feet of natural gas.
Damianos said a final investment decision by the Chevron-led consortium developing the field is expected in the summer of 2027.
Under existing plans, Aphrodite gas will be transported directly to Egypt to help meet domestic energy demand.
Part of the Aphrodite field extends into Israeli waters, with an arbitration decision expected next month to determine Israel’s share of the reserves.
Strategic energy links
The minister also welcomed the entry of French investment firm Meridiam into the Great Seas Interconnector project, a planned electricity cable linking Cyprus to the European power grid and eventually to Israel.
The project is seen as a key component of the India-Middle East-Europe Economic Corridor (IMEC), which aims to strengthen trade, energy and transport links between Europe, the Gulf and India.
However, the project remains under review amid uncertainty over its final cost, which is expected to exceed earlier estimates of $2.2 billion.
An upcoming report by the European Investment Bank is expected to provide greater clarity on financing requirements.
The European Union has already committed €658 million ($760 million) towards the project.
“It’s a very important project for Europe because it connects Cyprus, which is isolated, to the European grid. And the idea is to then proceed and connect to Israel,” Damianos said.
Source: Emirates 24|7