Cypriot President Nikos Christodoulides announced on Wednesday that a portion of the natural gas reserves discovered off the coast of Cyprus, estimated at approximately 20 trillion cubic feet, could start reaching European markets by 2027, as Europe seeks to reduce its dependence on Russian energy, according to the Associated Press.
Christodoulides clarified that the first exportable quantities will come from the Cronos deposit, operated by a consortium including Italy's Eni and France's TotalEnergies.
He mentioned that the consortium will make its final decision to proceed with the project next year, with the Cronos gas potentially reaching a processing plant in the Egyptian port city of Damietta for liquefaction and shipment to Europe by ship in 2027.
Christodoulides affirmed that "Cyprus is part of the energy solutions for energy security in the eastern Mediterranean" and acts as "an alternative energy corridor for Europe." By comparison, Cyprus' current natural gas quantities are roughly equal to a 10-year supply that Russia would have piped to Europe through the now inoperable Nord Stream pipeline, capable of powering more than 22 million homes annually.
During the same conference, Cypriot Energy Minister George Papanastasiou said that Cronos gas could reach markets the quickest because it can be connected to existing infrastructure transporting gas from Egypt's huge Zor deposit, about 80 kilometers (50 miles) away, describing the late 2027 target date as "optimistic but doable."
Regarding export plans for the Aphrodite deposit, Papanastasiou indicated plans to position a floating processing plant atop the reservoir to modify the gas into what he called "dry gas" for direct routing to consumers inside Egypt.
This processed gas will reach a facility near Port Said and will either be used for domestic Egyptian consumption or liquefied for export to Europe, depending on consultations between Cyprus and the deposit's operator, a partnership between Chevron, Shell, and Israeli company NewMed Energy.
Christodoulides announced he would travel to Lebanon next week to specifically discuss Cyprus’ energy plans, noting that while Cyprus shares maritime borders with Lebanon, the Lebanese government has not fully ratified an agreement delineating the exclusive economic zones, preventing Cyprus from opening up abutting areas for hydrocarbon exploration.
The Cypriot President also mentioned "interest from energy giants" to license more exploration areas (blocks) within Cypriot waters.
ExxonMobil and its partner QatarEnergy hold exploration licenses for two blocks off Cyprus' southern coast, where they have made two significant gas discoveries: Glaucus, estimated at approximately 4.5 trillion cubic feet, and Pegasus, whose size is still being determined.
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