UTILITIES
Cyprus is about to develop its first-ever gas field. Eni and TotalEnergies, two of Europe’ s energy heavyweights, have taken the final investment decision on the Cronos gas project, which they say will come into production by 2028.
For Cyprus, a country with no history of hydrocarbon production, this is a huge milestone. Despite having some of Europe’ s largest gas reserves, the island nation has relied on importing fuel from its Mediterranean neighbours like Greece, Italy and Israel for decades.
But with global energy supply chains experiencing such volatility in 2026, Cyprus appears finally ready to open its doors as an international exporter.
A first for Cyprus The Cronos gas field sits roughly 185 kilometres southwest of the Cypriot coast, in waters deep enough to make the project a complicated affair. Current estimates suggest the field holds more than three trillion cubic feet of gas. Plainly, this is a huge amount of gas. It is capable of supplying a large country’ s gas needs for years and it will be worth billions of dollars to the Cypriot economy. Eni and TotalEnergies plan to drill four subsea wells to extract the gas, with total output expected to reach around 500 million cubic feet per day once the project is at full capacity.
Cronos is not the only hydrocarbon discovery Cyprus has made in recent years. Five more gas fields have been discovered around the island, though none of them have been developed as yet.
72 October 2026