Prime Highlights:

• Cyprus could start exporting natural gas to Europe by 2027, helping reduce Europe’s dependence on Russian energy.
• Gas from the Cronos and Aphrodite deposits will be processed and exported through Egypt, making Cyprus a key energy player in the region.

Key Facts:

• Cronos holds an estimated 3.1 trillion cubic feet of gas, while Aphrodite holds around 5.6 trillion cubic feet.
• European companies like Eni, TotalEnergies, Chevron, NewMed Energy, and Shell are involved in developing these gas projects.

Background:

Some of the natural gas discovered off the coast of Cyprus could reach European markets by 2027, offering a potential boost to Europe’s energy security and reducing its reliance on Russian gas.

Cypriot President Nikos Christodoulides made the announcement during an energy conference on Wednesday, emphasizing Cyprus’s role in the eastern Mediterranean as part of the region’s energy solution. He said it is important to work with major countries and serve as a new energy route for Europe.

Cyprus’s current natural gas reserves are estimated to be roughly equivalent to a decade’s worth of the gas Russia previously supplied to Europe through the Nord Stream pipeline, enough to power more than 22 million homes each year.

The first exports are expected to come from the Cronos deposit, which holds an estimated 3.1 trillion cubic feet of gas. Cronos is managed by a consortium including Italy’s Eni and France’s TotalEnergies. The gas could be processed at a facility in Egypt’s Damietta port before being exported to Europe. A final decision on the project is expected next year.

Cronos could reach European markets relatively quickly, as it can be connected to existing infrastructure linking it to Egypt’s Zor deposit, about 80 kilometers away, according to Cypriot Energy Minister George Pananastasiou.

Another major deposit, Aphrodite, is estimated to hold 5.6 trillion cubic feet of gas and is operated by Chevron, NewMed Energy, and Shell. Gas from Aphrodite will be processed on a floating plant and can be used in Egypt or sent to Europe.

This makes Cyprus an important energy source for Europe and helps improve energy cooperation in the region.

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