Contracts worth up to 1.8 billion dollars have been signed to develop the Cronos field, a decisive step towards the commercial development of Cypriot natural gas. As has been reported, production is expected to start in the first half of 2028. Cronos is estimated to hold more than three trillion cubic feet of gas, with output reaching up to 500 million cubic feet a day.
This is a historic agreement, and a vote of confidence in Cyprus’s energy prospects. After so many years of exploration and talk, the gas finally seems to be… on track. That strengthens Cyprus’s position and its economy. It opens new paths, new ‘routes’, for Cyprus.
Under the plan, the gas will be sent to Egypt, where existing infrastructure will be used, including facilities linked to the Zohr field. It will then be liquefied at the Damietta terminal, bound mainly for European markets. We hope that Cyprus, too, will soon be able to build the infrastructure to liquefy Cypriot gas on its own soil.
Guido Brusco, Eni’s Chief Operating Officer, Global Natural Resources, made a point worth noting. He stressed that the project will secure new gas supplies for Europe, bolstering security of supply at a time of geopolitical uncertainty.
This is a very significant development, with many dimensions: political, geopolitical and economic. Cyprus is clearly strengthened and its standing raised, which benefits its citizens in many ways. What matters is that this first step paves the way for further moves, for Cyprus and for the region.
The journey ahead is long and hard. That is why patience is needed, and why every move made now and in future must be careful and well thought through. Plans and projects like these are, as has rightly been said, geopolitical in nature, so we must always keep the bigger picture in view. Their reach goes well beyond Cyprus.
So we await the next steps with interest. As we have said, it will take persistence and patience.
