Cyprus to supply European consumers with natural gas by March 2028

Key Points:

• Cyprus plans to supply natural gas from the Cronos field off its southern coast to Europe by March 2028, marking the first time East Mediterranean gas will reach European markets amid energy shifts caused by the war in Ukraine and Middle East unrest.
• The Cronos gas will be piped to Egypt’s Zohr gas infrastructure for processing and liquefaction, a cost-effective solution estimated at $2 billion, with most of the gas destined for Europe and a small portion potentially used for Egypt’s domestic needs.
• Other significant gas fields in Cyprus’ Exclusive Economic Zone include Glaucus and Pegasus, expected to start production by 2033 under ExxonMobil and QatarEnergy, and Aphrodite, with a development decision anticipated in 2027 involving Chevron and linked to Egypt’s energy supply.
• Cyprus is advancing the Great Seas Interconnector electricity project to link its grid with Europe and Israel, supported by French investor Meridiam and EU funding, though the project faces cost uncertainties that could impact Cypriot consumers due to their financial share of construction expenses.
• The energy developments in Cyprus are part of broader EU efforts to diversify energy sources and establish new trade routes, enhancing regional energy security and connectivity amid geopolitical challenges.