Cyprus gas deposits offer EU energy security boost

Summarised from 2 outlets · Updated 5 Nov, 12:31 · Archive

Cyprus's president says natural gas deposits off the country's coast can help the European Union diversify its energy supply.

Cyprus's President Nikos Christodoulides says natural gas deposits discovered off the island's southern coast offer the European Union an opportunity to bolster energy security by diversifying its supply. The president told the Associated Press that the first of several natural gas fields discovered off Cyprus, named Cronos, is expected to start production in the first half of 2028.

The Cronos field is estimated to contain around 3 trillion cubic feet (85 billion cubic meters) of gas. Italian energy company Eni signed development contracts last month with eight main contractors to develop the field, involving subsea production systems, pipelines, a floating control unit and drilling rig services. Christodoulides said the agreements trigger billions of euros in investment and provide 'a clearly defined path towards production'.

Once extracted from the field, situated some 185 kilometres (115 miles) southwest of Cyprus, the gas will be conveyed by pipeline to Egypt's Damietta facility where it will be liquefied and exported to international markets, primarily Europe. Production capacity is expected to reach up to 500 million standard cubic feet (14.16 million cubic meters) per day at peak production. The development comes as Europe seeks alternative energy sources following its move away from Russian oil and gas after Russia's 2022 invasion of Ukraine.

How it is being reported

• Gas deposits off Cyprus are an opportunity for the EU, president saysCyprus's president says natural gas deposits off the country's coast offer the European Union a chance to boost energy security by diversifying supply.News4Jax · 5 Nov, 11:53
• Gas deposits off Cyprus are an opportunity for the EU, president saysCyprus's president says natural gas deposits off the country's coast offer the European Union a chance to boost energy security by diversifying supply.Clickorlando · 5 Nov, 11:53

In this story: Cyprus · European Union · Nikos Christodoulides · Eni · Egypt · Russia

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