NICOSIA, Cyprus — Natural gas deposits off Cyprus’s southern coast represent a strategic opportunity for the European Union to strengthen its energy security through greater supply diversification, President Nikos Christodoulides said Thursday.
President Nikos Christodoulides disclosed to the Associated Press that the first of several offshore fields, named Cronos, is slated to begin production in the first half of 2028.
“Cyprus is an integral part of the energy landscape, offering Europe enhanced diversification and bolstering the Union’s autonomy. This marks the first step on what promises to be a bright path,” Christodoulides said.
With the shift away from Russian oil and gas after Moscow’s full‑scale invasion of Ukraine in 2022, Europe is seeking alternative energy sources as soaring fuel prices—exacerbated by the Iran conflict—continue to strain consumers.
Italian energy firm Eni finalized development agreements last month with eight major contractors for the Cronos field, which is estimated to hold roughly 3 trillion cubic feet (85 billion cubic meters) of natural gas.
The deals cover subsea production systems, pipelines, a floating control unit, and drilling rig services.
“The signing of these agreements, unlocking billions of euros in investment, charts a clear pathway to production,” Christodoulides said.
After extraction, the gas from the field—located about 185 km (115 mi) southwest of Cyprus—will travel via pipeline to Egypt’s Damietta facility, where it will be liquefied for export to global markets, chiefly Europe.
Peak production capacity is projected to reach up to 500 million standard cubic feet per day (14.16 million cubic meters), according to the Cypriot president.
For the EU, the importance of Cronos, Christodoulides noted, “lies in the chance to diversify supply sources by developing a field within a member state while cooperating with the region.”
In addition to Cronos, six other natural‑gas discoveries in Cyprus’s exclusive economic zone are under consideration for development, notably ExxonMobil’s Glaucus and Pegasus fields, which lie south of Cronos.
ExxonMobil’s vice president of global exploration, John Ardill, indicated in June that production from the Glaucus and Pegasus fields could begin as early as 2033, with the gas likely piped to Egypt for liquefaction and export.
Christodoulides described Cronos as a “substantive step” toward Cyprus’s inaugural natural‑gas production, aligning with Europe’s broader drive to diversify gas supply sources and enhance energy security.
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