Cyprus gas deposits to bolster European Union energy security

President Nikos Christodoulides announced that natural gas deposits off the southern coast of Cyprus offer the European Union a significant opportunity to diversify energy supplies and strengthen autonomy. The first field, known as Cronos, is expected to begin production in the first half of 2028.

Italian energy company Eni has signed development contracts for the Cronos field, which is estimated to contain approximately 85 billion cubic metres of gas. Once extracted, the gas will be transported via pipeline to Egypt’s Damietta facility for liquefaction and subsequent export to international markets, primarily Europe. Peak production capacity is expected to reach 14.16 million cubic metres per day.

Beyond Cronos, six other natural gas deposits, including ExxonMobil’s Glaucus and Pegasus fields, are under consideration for development, with potential production by 2033. These developments come as the EU seeks to reduce reliance on Russian energy following the invasion of Ukraine.