Cyprus natural gas to supply Europe by first half of 2028, minister says, as EU seeks new sources
Cyprus says the project will diversify Europe’s energy supply and help stabilize prices as the first gas from east Mediterranean fields reaches market.
- On Friday, Energy Minister Michael Damianos announced that natural gas from undersea deposits off Cyprus will reach European markets by March 2028, positioning the island as an alternative energy source amid conflicts in Ukraine and the Middle East.
- Partners TotalEnergies and Eni decided last month to develop the Cronos field, constructing a 105 km pipeline to Egypt's Zohr natural gas deposit to process the fuel for European transport.
- ExxonMobil plans to expand exploration efforts off Cyprus, seeking additional hydrocarbon licenses alongside existing discoveries including the 5.6 tcf Aphrodite field and the jointly held 6.9 tcf Glaucus and Pegasus reserves.
- Beyond gas, Cyprus is pursuing the Great Seas Interconnector electricity cable linking its power grid to Europe and Israel, backed by $760 million in European Union funding and French investment firm Meridiam.
- Project delays stem from red tape over its $2.2 billion cost estimate, yet it serves as a critical building block for the IMEC initiative, a trade route linking the European Union to the Gulf and India.
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59 Articles
Cyprus trade deficit widens to €4.68bn in first half of 2026
Cyprus’ trade deficit widened sharply during the first half of 2026, reaching €4.68 billion, as imports continued to grow while exports moved in the opposite direction, according to figures released on Monday by the statistical service (Cystat). Total imports between January and June amounted to €7.30bn, up 8.8 per cent from €6.71bn during the corresponding […]
European countries could start tapping natural gas from an offshore field off Cyprus to meet their energy needs as early as March 2028, Cyprus Energy Minister Michael Damianos told the AP. The eastern Mediterranean is fast becoming an alternative energy source for Europe, which is seeking new sources amid Russia's war in Ukraine and unrest in the Middle East.
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.
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