European consumers will be able to rely on direct supplies of natural gas from Cyprus's offshore fields as early as March 2028.
This was confirmed by the Cypriot Minister of Energy, Michalis Damianos, in an exclusive interview with the world news agency (Associated Press - https://apnews.com). This project will mark a historic moment, as for the first time, blue fuel from deposits in the Eastern Mediterranean will be delivered directly to markets in the European Union.
According to Damianos, the energy crisis on the continent, caused by Russia's war in Ukraine and the ongoing instability in the Middle East, are turning the Eastern Mediterranean into a key alternative source of raw materials. Cypriot gas will not only strengthen Europe's energy independence, but will also play a role in the lasting stabilization of energy prices for end users.
How will Cyprus' gas be transported?
The first export project will be based on the „Kronos“ (Cronos), located off the southern coast of Cyprus in its Exclusive Economic Zone. In July, energy giants – the French TotalEnergies and Italian Eni – officially adopted the final investment decision for its development.
The technical plan for transit, detailed by (Reuters - https://www.reuters.com), provides:
Construction of a new underwater gas pipeline with a length of 105 kilometers. Connecting the „Kronos“ field to the existing infrastructure of the large-scale Egyptian field „Zor“ (Zohr). Transfer of the raw material to Egypt, where the gas will be liquefied and transported by tankers by sea to Europe.The investment in the construction of the pipeline is estimated at around $2 billion. Experts point out that using the existing Egyptian infrastructure saves half the funds needed for development compared to other similar projects. The total reserves of “Kronos“ amount to over 3 trillion cubic feet (about 85 billion cubic meters). All of this quantity has been agreed for export to Europe, with a clause for up to one-fifth of the volume to cover Egypt's domestic needs in an emergency.
Cyprus's future megaprojects
The island state has a total of six open fields, which will gradually be included in the network:
„Aphrodite“: The first discovered field in the area (about 15 years ago) with reserves of 5.6 trillion cubic feet. The final investment decision by the consortium led by Chevron is expected in the summer of 2027. The gas produced there will go mainly to the domestic market of Egypt. „Glavkos“ (Glaucus) and “Pegasus“ (Pegasus): With a total estimated reserves of 6.9 trillion cubic feet. Licensees ExxonMobil and QatarEnergy plan to start commercial production from them by 2033.In parallel, the Great Sea Interconnector project is also being developed – an undersea power cable, partly financed by the EU with 760 million dollars, which will connect the power grids of Cyprus, Greece and Israel. It will finally remove Cyprus from its current energy isolation and turn it into a real energy center, add in their analysis from (Bulgarian Telegraph Agency - https://www.bta.bg).