Cyprus signs $1.8bn deal to develop first gas field, with exports to Europe via Egypt
The deal is a key step towards harnessing Cyprus' natural gas reserves and bolstering energy cooperation in the Eastern Mediterranean, with exports to Europe via Egypt and production due to start in 2028.
On Monday, Italian energy company Eni signed a $1.8 billion deal with French partner Total to develop Cyprus's first natural gas field, named Kronos. The project will see the two companies jointly mine the area within Cyprus's Exclusive Economic Zone and export the gas to Europe via Egypt. The field holds over 3 trillion cubic feet of natural gas, with production set to begin in 2028.
This development marks a significant milestone in Cyprus's efforts to strengthen its position in the Eastern Mediterranean energy market and diversify Europe's natural gas supplies.
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