Cyprus Energy Minister Damianos announces natural gas updates

Cyprus Energy Minister Damianos announced that natural gas discoveries in the region have reached 20 trillion cubic feet. He stated that the first natural gas from the Kronos field is expected to be extracted in the first half of 2028.

Damianos noted that Eni and TotalEnergies reached a final investment decision regarding the Kronos field last July, with main contracts signed in October. To transport gas to international markets, particularly Europe, the administration is evaluating the use of existing infrastructure in Egypt. This cooperation is intended to reduce costs and accelerate market allocation.

Additionally, the development of the Aphrodite field is progressing following the completion of essential agreements with Egypt. Companies operating in blocks 5 and 10 are currently examining options for the commercial development of their discoveries.

Regarding energy security, Damianos highlighted the need to diversify resources and supply routes, citing recent crises in the Strait of Hormuz. He also referenced the Great Sea Interconnector (GSI) project as a means to overcome energy isolation, strengthen electricity supply security, and increase the use of renewable energy.