Cypriot President Nikos Christodoulides announced during a strategic meeting with Guido Brusco, Eni’s Chief Operating Officer of Global Natural Resources, that the Kronos gas field in Block 6 of Cyprus’ Exclusive Economic Zone is in its final stage of development. This milestone, he emphasized, lays the groundwork for a final investment decision that will pave the way for sub-sea extraction of natural gas.
Strategic Regional Partnerships
Christodoulides underscored the significant role of the project not only for Cyprus but also for broader partners, including Egypt and Europe. His remarks coincided with discussions involving Egyptian petroleum minister Karim Badawi, reinforcing the project’s potential to stimulate regional energy cooperation. The President noted the upcoming Egypt Energy Show in Cairo (scheduled from March 30 to April 1), to which he has been invited by Egyptian President Abdel Fattah al-Sisi, and where European Commission President Ursula von der Leyen is also expected to participate.
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Accelerating Domestic And Regional Economic Impact
With a firm deadline set for completion by March 30, Cyprus is poised to channel its inaugural natural gas exports to Europe. Brusco reiterated Eni’s commitment, noting that the consortium, which includes Eni and French multinational TotalEnergies, has already invested US$1.2 billion in Block 6. This collaboration is the culmination of multi-government agreements signed last year, designating Egypt as the host government for the area.
Moreover, the proximity of the Kronos field to Egypt’s Zohr gas field affords Eni the strategic advantage of utilizing its own infrastructure to funnel Cypriot gas to the Segas liquefied natural gas terminal in Damietta. This development aligns with earlier statements by Egyptian officials regarding the ambition to enable LNG transportation and delivery to Europe as early as 2027.
Long-Term Vision For Energy Security
The joint efforts by Cyprus and Egypt, along with commitments from global industry leaders, mark a transformational stage in regional energy markets. As Brusco highlighted after his discussions with Energy Minister Michael Damianos, the operational and infrastructural investments underpinning this project are set to not only bolster Cyprus’ domestic economy but also position the nation as a significant exporter of natural gas to the European market.
Looking ahead, the project signifies an important pivot towards greater strategic energy independence and commercial cooperation in the Eastern Mediterranean. With well-coordinated governmental and corporate actions, the pathway is now clear for Cyprus to emerge as a key player in the global energy arena.
