The six natural gas discoveries in Cyprus’s Exclusive Economic Zone (EEZ) correspond to total estimated reserves of approximately 20 trillion cubic feet, said on Monday the Minister of Energy, Trade and Industry, Michalis Damianos, on Monday, noting that the first natural gas from the Kronos field is expected in the first half of 2028.
Speaking at a panel discussion titled “Energy Security in a Fragmented World” as part of The Economist’s 22nd Annual Cyprus Conference, held at a hotel in Nicosia, Mr. Damianos stated that Eni and TotalEnergies made the final investment decision for Kronos in July, while the main contracts were signed in October.
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He explained that the project will utilize existing infrastructure in Egypt to transport natural gas to international markets, primarily in Europe.
The Minister said that development of the Aphrodite field is also moving forward, with the completion of key agreements with Egypt, while the partners in Blocks 5 and 10 are exploring options for the development and commercial exploitation of their discoveries.
He emphasized that cooperation with Egypt allows Cyprus to leverage existing infrastructure, reduce costs, and bring natural gas to market more quickly, while the Eastern Mediterranean Natural Gas Forum serves as a platform for dialogue and practical regional cooperation.
Referring to energy security, Mr. Damianos said that the recent crisis in the Strait of Hormuz highlighted the need to diversify energy sources, supply routes, infrastructure, and partnerships, noting that disruptions along critical routes can affect markets far beyond the region where they occur.
He pointed out that Cyprus has a small, isolated power system, with no interconnections to neighboring countries and a heavy reliance on imported fuels, a fact that makes households and businesses vulnerable to increases in fuel prices and the cost of carbon dioxide emission allowances.
Despite significant progress in solar energy, he said that increasing curtailments of electricity generation from renewable sources highlight the need for greater system flexibility, energy storage, and modernization of the power grid.
He added that the competitive electricity market, which went into operation in October 2025, will help make better use of electricity generated from renewable sources in Cyprus and reduce dependence on imported fuels.
Referring to the Great Sea Interconnector, the Minister said that the project offers Cyprus the opportunity to overcome its energy isolation, strengthen the security of its electricity supply, and utilize more electricity from renewable sources.
He described the planned electricity interconnection between Cyprus, Greece, and Israel as a Project of Common Interest for the EU and part of the Energy Highways initiative, highlighting its potential contribution to regional energy security, resilience, and cooperation.
When asked about the factors that attract major energy companies to Cyprus, Mr. Damianos cited the country’s reliability as an international partner, its strong relations with Israel, Egypt, and Greece, as well as the opportunities offered by its geographic location and the potential to leverage existing infrastructure in Egypt.
He said that diversifying energy supplies is becoming increasingly important, both in terms of energy sources and their geographic origin. He added that strong regional and commercial partnerships are crucial for advancing natural gas projects and making better use of Cyprus’s discoveries.
Mr. Damianos also emphasized that energy security and the energy transition must reinforce one another through a reliable energy supply, resilient infrastructure, and policies that offer tangible benefits to households and businesses.
Source: CNA
