The development of the Cronos gas field off the Cypriot Coast will allow for gas to be supplied from the East Mediterranean to Europe for the first time.
Construction on a pipeline from Cronos to existing infrastructure at Egypt’s Zohr natural gas deposit 65 miles away will begin later this year and take up to 18 months to complete.
Once completed, the gas will be conveyed to Egypt’s Damietta processing facility where it will be liquified and transported to Europe by boat.
Speaking to The Associated Press, Michael Damianos, Cyprus’ Energy Minister said: “It’s important for Europe at this time because of the war in Ukraine, because of this situation in the Middle East, that Cyprus is going to be an alternative source of gas.”
The agreement is for all of the more than three trillion cubic feet (tcf) of gas in Cronos will be supplied to Europe but a clause in the deal ensures that about a fifth of that could be used to cover some of Egypt’s domestic energy needs.
The pipeline is said to be the cheapest option to transport gas from Cyprus to Europe, costing around £1.17 billion, with Cypriot consumers contributing almost 63% of the expense.
The EU has already committed £562 million for the project to be completed.
