By Basant El-Faramawy
Cyprus President Nikos Christodoulides said Thursday that natural gas deposits off the island's southern coast present an opportunity for the European Union to enhance energy security by diversifying supply. He told The Associated Press that the first field, Cronos, is expected to start production in the first half of 2028.
Cronos field development
Italian energy company Eni last month signed development contracts with eight main contractors for Cronos, estimated to contain around 3 trillion cubic feet of gas. The agreements commit billions of euros in investment for subsea production systems, pipelines, a floating control unit and drilling rig services. Gas from the field, located 185 kilometres southwest of Cyprus, will be piped to Egypt's Damietta facility for liquefaction and export primarily to Europe, with peak production capacity projected at 500 million standard cubic feet per day.
Additional deposits
Christodoulides described Cronos as a substantive step toward Cyprus's first gas production, aligning with Europe's push to diversify gas sources after cutting off Russian energy following the 2022 invasion of Ukraine. Six other deposits in Cyprus's exclusive economic zone, including ExxonMobil's Glaucus and Pegasus fields, are also under consideration, with gas potentially flowing by 2033.
