Cyprus: six gas discoveries hold an estimated 20 trillion cubic feet; first gas from Cronos in 2028

Cypriot Energy, Commerce and Industry Minister Michalis Damianos said on Monday, 9 November, at the 22nd Economist Cyprus Summit in Nicosia, that the six natural gas discoveries in Cyprus’s exclusive economic zone (EEZ) hold estimated resources of 20 trillion cubic feet, or roughly 566 billion cubic metres. First production, from the Cronos field, is expected in the first half of 2028, according to the minister.

What was decided. Damianos recalled that Eni and TotalEnergies took the final investment decision on Cronos in July and that the main contracts were signed in October. The gas is to reach international markets, mainly in Europe, via existing infrastructure in Egypt. Plans for the Aphrodite field are progressing, with key agreements with Egypt completed, and companies in Blocks 5 and 10 are examining options to develop and commercialise their discoveries, the minister said.

Electricity. Damianos described Cyprus as having a small, isolated electricity system with no interconnections to neighbouring countries and a heavy reliance on imported fuels, which leaves households and businesses exposed to swings in international prices and to the cost of carbon emission allowances. Despite progress on solar power, growing curtailment of renewable generation shows the need for storage and a modernised grid, he said, adding that the competitive electricity market launched in October 2025 should help make better use of renewable output.

Context. The minister presented the Great Sea Interconnector (GSI) as a prospect for ending the island’s energy isolation and described the planned Cyprus–Greece–Israel link as a European Union Project of Common Interest. On the same day, President Nikos Christodoulides said, according to Sigmalive, that the first Cypriot gas would be exported to Europe via Egypt in early 2028.

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