Cyprus eyes natural gas production for export by 2028

Cyprus aims to commence natural gas production and exports by 2028, according to ministerial statements. Energy officials, including George Papanastasiou and Michael Damianos, highlighted the strategic importance of the Cronos offshore field in this timeline. The Cronos field, discovered by Eni and TotalEnergies, is estimated to contain over three trillion cubic feet of gas, which is sufficient to meet domestic demand or support regional exports. Total natural gas reserves within Cyprus' exclusive economic zone are estimated between 15 and 18 trillion cubic feet spread across six areas. Development has been slow due to the technical requirement for independent investment decisions for each offshore block. The proposed export strategy involves transporting the gas to existing infrastructure in Egypt for liquefaction and subsequent shipment to European markets. Authorities have noted that the ongoing Middle East conflict underscores the necessity for Europe to diversify its energy sources. While reports cited different ministers as the primary source, both confirmed the 2028 target and the focus on regional supply chains.