Cyprus expects first natural gas production from Cronos field in 2028

During the 22nd Economist Cyprus Summit in Nicosia, Minister of Energy, Commerce and Industry George Papanastasiou announced that natural gas production from the Cronos field is expected to commence in the first half of 2028. This project represents a significant step in the commercial exploitation of Cyprus's offshore reserves, with total estimated resources from six separate discoveries in the Exclusive Economic Zone (EEZ) reaching approximately 20 trillion cubic feet.

The development of the Cronos field, led by a consortium of Eni and TotalEnergies, saw a final investment decision in July 2026, followed by the signing of primary contracts in October. With an estimated development cost of 1.8 billion euros, the project involves an extensive network of international contractors, including Baker Hughes, TechnipFMC, and Saipem. The strategy relies on utilizing existing infrastructure in Egypt to transport the gas to international markets, primarily in Europe.

Simultaneously, the government is advancing plans for the Aphrodite field, while stakeholders in blocks 5 and 10 continue to evaluate commercial development options. Although direct state revenues are not projected to be massive relative to the total investment scale, the project is seen as a key component in strengthening national and regional energy security.