Cyprus aspires to play a significant role in the European Union’s efforts to diversify its energy sources and strengthen its energy security, as the natural gas reserves in Cyprus’s EEZ are becoming increasingly significant on the European energy scene.
In remarks to the Associated Press, President of the Republic Nicos Christodoulides stated that the “Kronos” is expected to enter the production phase during the first half of 2028, marking the first substantial step toward the development of Cypriot natural gas.
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As he noted, the development of the field creates opportunities not only for Cyprus but also for Europe, which is seeking alternative sources of supply following its shift away from Russian natural gas and oil, in the wake of Russia’s invasion of Ukraine.
Billions in Investments for “Kronos”
The “Kronos” field, located approximately 185 kilometers southwest of Cyprus, is estimated to contain about 85 billion cubic meters of natural gas.
Last month, the Italian energy company Eni signed development agreements with eight key contractors, thereby, according to the President, triggering investments worth billions of euros and paving the way for the start of production.
The contracts include the development of subsea production systems and pipelines, a floating control unit, and drilling services.
The field’s production capacity is estimated to reach, at its peak, 500 million cubic feet per day, a volume equivalent to approximately 14.16 million cubic meters of natural gas.
Natural Gas to Europe via Egypt
Egypt’s infrastructure is expected to play a pivotal role in the commercial development of the field.
Specifically, the natural gas will be transported via pipeline to the Damietta facilities, where it will be liquefied and then exported to international markets, with Europe as the primary destination.
The President of the Republic emphasized that the significance of “Chronos” project for the European Union lies precisely in the ability to diversify energy supply sources through the development of a field in a member state and cooperation with countries in the wider region.
Six other fields are also on the table
In addition to “Kronos,” six other natural gas fields have been identified in Cyprus’s EEZ and are being evaluated for development. Among them are ExxonMobil’s “Glafkos” and “Pegasus” fields, located south of “Kronos.”
According to a statement made last June by John Ardill, the company’s vice president for global exploration, natural gas production from these two specific fields could begin as early as 2033. The most likely scenario in this case also calls for transporting the natural gas to Egypt, where it will be liquefied and exported to international markets.
