Cyprus plans to start exporting gas to Europe from 2027.

Cyprus is preparing to supply gas to Europe from the Cronos field by 2027

Starting in 2027, Cyprus may begin supplying natural gas to European countries. This will be a significant step towards reducing Europe’s dependence on Russian energy resources.

According to information provided by the AP agency, Cyprus will have the opportunity to transport part of the 20 trillion cubic feet of natural gas found in the waters near the island. Cypriot President Nikos Christodoulides confirmed that the first volumes of gas from the Cronos field could appear on European markets already in 2027. The development of this field is being carried out by a consortium that includes the Italian company Eni and the French company TotalEnergies.

The final decision to launch the project is expected next year. Gas from Cronos is planned to be delivered to a plant in the Egyptian port of Damietta, where it will be liquefied and sent to European markets by ships. Cypriot Energy Minister George Papanastasiou stated that thanks to the possibility of connecting to the existing gas transport infrastructure from the Zohr field in Egypt, supply is possible as early as 2027.

Cyprus is also negotiating with Lebanon about delineating exclusive economic zones, which opens up new opportunities for gas exploration and production. Energy giants like ExxonMobil and QatarEnergy, which have already discovered the Glaucus and Pegasus fields off the coast of Cyprus, have already expressed interest in developing new blocks.

This move is part of the European Union’s broader plan to stop importing Russian energy resources by 2028. The United States, in particular, has announced its readiness to promptly replace Russian gas and oil with its own resources. Furthermore, there is currently a decline in gas prices in the EU to a three-month low, which will also affect the economic situation in the region.