Cyprus aims for natural gas production and exports by 2028

Cyprus Minister of Energy George Papanastasiou, cited in reports as Michalis Damianou in the provided text, announced that the country aims to begin natural gas production for export by 2028. The development of the Cronos offshore gas field is central to this initiative. Cyprus currently holds estimated reserves of 15-18 trillion cubic feet of natural gas within six areas of its Exclusive Economic Zone. The Minister emphasized that the ongoing conflict in the Middle East highlights the need for the European Union to prioritize energy resources located outside the Persian Gulf region. Concerns over energy transit have increased due to potential disruptions at the Strait of Hormuz, a critical maritime route for approximately one-fifth of global oil trade. The provided reports cite the closure or significant restriction of this corridor following alleged U.S. and Israeli strikes on Iran on February 28. This move is intended to support the European Union's efforts to diversify its energy supply chains. Previous exploitation efforts in the region have been slow to materialize.