Cyprus expects first gas production from Cronos field by 2028

Cypriot Energy Minister Michalis Damianos announced that the first natural gas extraction from the Cronos field is expected in the first half of 2028. Speaking at the 22nd Economist Cyprus Summit in Nicosia, the Minister confirmed that six major discoveries in the Cypriot Exclusive Economic Zone contain an estimated 20 trillion cubic feet of natural gas. The development of the Cronos field, operated by a consortium of Eni and TotalEnergies, saw a final investment decision in July 2026, with main project contracts signed in October. The project carries an estimated development cost of approximately 1.8 billion euros.

The energy strategy focuses on utilizing existing infrastructure in Egypt to export gas to international markets, particularly Europe. The government is also advancing the development of the Aphrodite field and exploring options for blocks 5 and 10. Minister Damianos emphasized that this regional cooperation is crucial for Cyprus's energy security and commercial progress. Beyond regional gas, the government is pursuing an electrical interconnection project between Cyprus, Greece, and Israel to mitigate the island's energy isolation and boost renewable energy integration.