Cyprus advances natural gas development in its exclusive economic zone

Energy Minister Michalis Damianos recently announced that six gas discoveries within Cyprus’ exclusive economic zone contain an estimated 20 trillion cubic feet of natural gas. The development of the Cronos field, led by a consortium of Eni and TotalEnergies, is currently underway with a final investment decision confirmed in July and primary contracts signed in October. First production from Cronos is expected in the first half of 2028, with plans to utilize existing infrastructure in Egypt for transport to international markets, particularly Europe.

Simultaneously, progress continues on the Aphrodite field, and development plans for the Glaucus and Pegasus fields in Block 10 are gaining momentum. Following a meeting with President Nikos Christodoulides, ExxonMobil’s vice president for global exploration, John Ardill, confirmed that a drillship will return in December to conduct appraisal wells at Pegasus. This data will facilitate the submission of a field development and production plan next year. While a final investment decision for the Glaucus and Pegasus fields is projected for 2029, officials anticipate the first gas extraction from these specific fields by 2033, signaling a long-term shift toward utilizing Cyprus' natural resources to enhance regional energy security.