Cyprus sees the development of the Cronos gas field through Egypt as a model for commercializing additional Eastern Mediterranean resources, with existing Egyptian infrastructure central to the project’s accelerated schedule and first gas targeted for 2028, Cypriot Energy Minister Michael Damianos told Middle East Economic Survey (MEES).
Under the development concept, Cronos gas will be transported to Egypt through existing infrastructure before being processed and liquefied at the Damietta LNG facility for export to international markets, primarily Europe. Damianos said using Egypt’s infrastructure is central to accelerating the project while reducing capital requirements and execution risks.
Cronos is operated by Eni with a 50% stake alongside TotalEnergies, which holds the remaining 50%. The project is expected to produce around 500 million cubic feet per day (mmcf/d).
“The key question is not whether those costs exist, but whether the overall project creates value for Cyprus after taking them into account. The Government assesses that it does,” he said.
According to MEES, Cronos’ development cost is relatively modest compared with Cyprus’ other major gas project, Aphrodite, partly because it can use existing Egyptian infrastructure. Cronos is expected to produce at a 500 mmcf/d plateau, while Aphrodite is being developed around a targeted 700 mmcf/d plateau.
Cyprus is now looking beyond Cronos to Aphrodite, the country’s other advanced offshore gas development.
In April, the Egyptian Natural Gas Holding Company (EGAS) signed a 15-year agreement to purchase the entire output of Cyprus’ Aphrodite gas field, with an option to extend the deal by an additional five years, Bloomberg reported. The field is expected to begin production in about six years.
Damianos said the Aphrodite partners remain on track to take final investment decision (FID) in 2027, with first gas targeted for around 2030-2031. He said the project has advanced through key engineering and commercial stages and that changes to its development concept represent the normal maturation process for a large offshore project.
He noted that the fact that the project is moving closer to final design and investment decisions is “an encouraging indication of continued commitment from the partners.”
The government is encouraging license holders, including ExxonMobil and QatarEnergy, to assess technically and commercially viable options. These include Egyptian exports, floating LNG (FLNG), and potential domestic utilization.
“Egypt is an attractive option because it offers existing infrastructure, a large domestic market and immediate commercialization opportunities,” Damianos said, while emphasizing that all viable options should be assessed on their merits.
