Mar 16, 2026
Cyprus plans to export gas by 2028 as tensions rise over supply due to conflicts in the Middle East.
Energy Minister Michael Damianos announced that Cyprus could start exporting natural gas as soon as 2028, which may bolster Europe's efforts to diversify its energy supplies amid increased tensions in the Middle East.
Instability in the Gulf region has raised alarms about energy transportation through critical points like the Strait of Hormuz, a key route for about 20% of global oil trade, which has nearly halted since U.S. and Israeli actions against Iran began on February 28.
In an interview with Reuters about the Cronos offshore gas discovery, Damianos expressed optimism: "Hopefully we will have gas by 2028."
He emphasized that the ongoing crisis in the Middle East highlights the need to utilize energy reserves outside of that region. "Dependence on specific areas is not viable," he stated, adding that exploiting Eastern Mediterranean reserves is crucial not only for Cyprus but for the entire EU.
Cyprus has estimated natural gas reserves of 15 to 18 trillion cubic feet across six areas in its exclusive economic zone. However, progress has been slow due to the distribution of discoveries over multiple offshore blocks, each requiring individual investment decisions. The Cronos field, found by Italy’s Eni and France’s TotalEnergies, contains over three trillion cubic feet of gas, sufficient to meet Cyprus's needs for many years or to supply regional markets.
Development of the field will utilize existing infrastructure in Egypt, where the gas will be processed and liquefied for export mainly to Europe. Damianos mentioned that constructing a liquefied natural gas export terminal in Cyprus remains a possibility, contingent on finding more significant reserves.
In addition to gas projects, Cyprus is also advancing significant electricity initiatives, such as the Greece–Cyprus–Israel (GSI) electricity interconnector. Damianos stated that this planned undersea cable aims to enhance the island's energy framework and lessen its disconnection from European power grids. "It is an important project concerning security of supply," he remarked.
Instability in the Gulf region has raised alarms about energy transportation through critical points like the Strait of Hormuz, a key route for about 20% of global oil trade, which has nearly halted since U.S. and Israeli actions against Iran began on February 28.
In an interview with Reuters about the Cronos offshore gas discovery, Damianos expressed optimism: "Hopefully we will have gas by 2028."
He emphasized that the ongoing crisis in the Middle East highlights the need to utilize energy reserves outside of that region. "Dependence on specific areas is not viable," he stated, adding that exploiting Eastern Mediterranean reserves is crucial not only for Cyprus but for the entire EU.
Cyprus has estimated natural gas reserves of 15 to 18 trillion cubic feet across six areas in its exclusive economic zone. However, progress has been slow due to the distribution of discoveries over multiple offshore blocks, each requiring individual investment decisions. The Cronos field, found by Italy’s Eni and France’s TotalEnergies, contains over three trillion cubic feet of gas, sufficient to meet Cyprus's needs for many years or to supply regional markets.
Development of the field will utilize existing infrastructure in Egypt, where the gas will be processed and liquefied for export mainly to Europe. Damianos mentioned that constructing a liquefied natural gas export terminal in Cyprus remains a possibility, contingent on finding more significant reserves.
In addition to gas projects, Cyprus is also advancing significant electricity initiatives, such as the Greece–Cyprus–Israel (GSI) electricity interconnector. Damianos stated that this planned undersea cable aims to enhance the island's energy framework and lessen its disconnection from European power grids. "It is an important project concerning security of supply," he remarked.