Cyprus is expected to begin extracting natural gas from its offshore “Cronos” field by the end of 2027, a move officials say will boost regional energy security and position the country among global producers.
Speaking to state radio, Energy Minister George Papanastasiou said the Cyprus Hydrocarbons Company is set to sign agreements with gas buyers by the end of November. These buyers will distribute the gas based on profitability, he said.
A portion of the extracted gas will belong to the Republic of Cyprus, which will be able to market it independently in coordination with other stakeholders.
Papanastasiou described the recent signing of three agreements as a “milestone,” outlining how Cypriot gas will be transported to Egypt’s Zohr field infrastructure and then to Damietta for liquefaction before being exported, primarily to European markets.
The only infrastructure planned for commercialization of the Cronos field gas is a pipeline linking it to Egypt’s Zohr field, the minister confirmed.
Asked about Cyprus’s potential economic benefit, Papanastasiou said it will depend heavily on global market prices. He noted that while the world is shifting toward green energy, conventional power generation — supported by natural gas — is expected to remain in use for decades.