Cyprus advances Cronos gas field toward 2028 production

Damietta would liquefy Cronos gas for export, primarily to Europe

President Nikos Christodoulides said Cyprus’s Cronos natural gas field is expected to start production in the first half of 2028, with the gas to be piped to Egypt’s Damietta facility for liquefaction and export, primarily to Europe. Cronos is the first of a number of natural gas fields discovered off Cyprus, and the field is situated about 185 kilometers (115 miles) southwest of the island. Christodoulides said the project could help Europe diversify its energy supply and anchor the Union’s autonomy.

In an exclusive statement to The Associated Press on Thursday, Christodoulides said, “Cyprus is part of the energy equation, with Europe benefiting with added diversification and with the Union’s autonomy being anchored. This is the first step in a path that is bright.” The Associated Press reported that Europe was seeking alternative energy sources after moving away from Russian oil and gas following Moscow’s full-fledged invasion of Ukraine in 2022. Consumers were facing rocketing fuel prices compounded by the Iran war, according to the report.

Italian energy company Eni last month signed development contracts with eight main contractors to develop Cronos, a field estimated to contain around 3 trillion cubic feet (85 billion cubic meters) of natural gas. The agreements cover subsea production systems and pipelines, a floating control unit and drilling rig services. “The conclusion of these agreements, which trigger the commitment of billions of euros in investment, provides for a clearly defined path towards production,” Christodoulides said.

Once extracted, gas from the field will be conveyed by pipeline to Damietta, where it will be liquefied and exported to international markets, primarily Europe. Christodoulides said production capacity is expected to reach up to 500 million standard cubic feet (14.16 million cubic meters) per day at peak production.

For the European Union, Christodoulides said the significance of Cronos “lies precisely in the opportunity to diversify its sources of supply through the development of a field in a member state and in cooperation with the region.” He said development of a field in an EU member state, together with regional cooperation, could strengthen the bloc’s energy security.

Apart from Cronos, six other natural gas deposits found within Cyprus’ exclusive economic zone are being considered for development. They include ExxonMobil’s Glaucus and Pegasus fields, which lie south of Cronos.

John Ardill, ExxonMobil’s vice president of global exploration, said in June that natural gas could start flowing from Glaucus and Pegasus by 2033. He said the gas would most likely be piped to Egypt, where it could be liquefied for export.

Christodoulides described Cronos as a “substantive step” toward Cyprus’s first natural gas production. He said the development intersects Europe’s broader need for “the diversification of natural gas supply sources and the enhancement of energy security.”