Cyprus expects gas production from Cronos field by 2028

Cypriot President Nikos Christodoulides announced in an exclusive statement to the Associated Press that the "Cronos" natural gas field, located approximately 185 kilometers southwest of Cyprus, is scheduled to begin production in the first half of 2028. This development is viewed as a significant opportunity to bolster the European Union's energy security and aid its transition away from Russian oil and gas following the 2022 invasion of Ukraine.

The project, which involves estimated reserves of 85 billion cubic meters of natural gas, moved forward recently when the Italian energy company Eni signed development agreements with eight primary contractors. These multi-billion euro investments are expected to facilitate future exports of natural gas to Europe, potentially via Egypt, strengthening the regional energy infrastructure and supporting the EU's strategic objective of achieving greater energy autonomy.

While the initiative is positioned as a positive step toward ensuring stable energy supplies, it emerges amidst ongoing economic challenges, including rising fuel costs for European consumers and broader geopolitical instability. The government continues to view these offshore deposits as an essential component of both the national economy and the broader European energy equation.