Eastern Mediterranean Sea is fast becoming an alternative energy source for Europe amid wars in Ukraine and Mideast, Cyprus says
European consumers can expect natural gas from an undersea deposit off Cyprus to help meet their energy needs as early as March 2028.
Cyprus is positioning itself as an alternative energy source for Europe amid ongoing conflicts in Ukraine and the Middle East, with the island nation's energy minister, Michael Damianos, highlighting the potential of an undersea natural gas deposit off its southern coast. TotalEnergies of France and Eni of Italy have decided to proceed with developing the Cronos natural gas field, with work on a pipeline to Egypt's Zohr deposit set to commence later this year and take up to 18 months to complete.
This pipeline will then transport liquefied gas to Europe for distribution. Damianos emphasized that while the Cronos reserve amounts to 3 trillion cubic feet of gas, Cypriot income from the project will not be substantial; rather, the significance lies in Cyprus becoming a producer and the subsequent initiation of energy supply.
The agreement allows for around 20% of the gas to potentially be used to meet Egypt's domestic energy needs. ExxonMobil, partnered with QatarEnergy, expects gas from adjacent Glaucus and Pegasus fields to commence flow by 2033. Other notable deposits include Aphrodite, estimated to hold 5.6 trillion cubic feet of gas, with a significant portion lying in Israeli waters.
Cyprus is also pursuing a Great Seas Interconnector project, a significant electricity cable connecting Europe and Cyprus to Israel's power grid. This project, backed by Meridiam, aims to alleviate Cyprus's energy isolation and serve as a foundational step for the IMEC initiative, an energy and trade route to the Gulf and India.
The European Investment Bank's upcoming report will clarify the project's cost, which is currently under dispute, with the EU committing $760 million towards it.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
