Cyprus announced that natural gas from the Cronos field in the Eastern Mediterranean is expected to reach Europe as early as March 2028, following an investment of approximately $2 billion. TotalEnergies and Eni made their final investment decision in March to develop this field off Cyprus’s southern coast, marking the first time Eastern Mediterranean gas will be supplied to European markets. A 105-kilometer pipeline will connect the field to Egypt’s Zohr deposit, where gas will be liquefied at the Damietta facility for transport by ship to Europe. Two other gas fields discovered in Cyprus’s exclusive economic zone, Glaucus and Pegasus, jointly hold an estimated 6.9 trillion cubic feet of gas and are expected to start flowing by 2033 according to ExxonMobil and QatarEnergy. Additionally, the Great Seas Interconnector electricity project, backed by the EU with $760 million, aims to link Cyprus and Israel to Europe’s power grid.
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