Cyprus’s Cabinet approved the development and production plan for the Kronos gas field and the key terms for the sale of Cypriot natural gas on Tuesday, with the first gas targeted for sale to Europe via Egypt in 2028.
The Eni-TotalEnergies consortium is moving to a final investment decision on Kronos, marking the transition from exploration to production, Energy Minister Michalis Damianou said after the Cabinet meeting. The minister will sign the agreements on behalf of the Republic of Cyprus.
The Cabinet also approved the key terms of the sale agreement for the Aphrodite field (Block 12), with the licensed consortium of Chevron, BG and NewMed Energy moving to an investment decision by 2027.
President Nikos Christodoulides, who announced the decisions at the opening of the Cabinet meeting at the Presidential Palace, said further announcements on next steps in cooperation with Exxon would follow shortly. He said the decisions fulfilled commitments announced in the government’s 2026 annual programme and represented critical steps in developing Cyprus’s energy resources and supporting social cohesion policies.
Damianou said the developments strengthen Cyprus’s geostrategic position and upgrade its partnerships with Egypt, France and Italy, while creating the conditions for a local energy industry that would support economic growth and job creation. He added that the exploitation of EEZ deposits marks Cyprus’s transition to an energy producer, reinforcing its credibility with existing investors and making the country a destination for new energy sector investment.