The Egyptian government has extended a diplomatic and economic concession to Cyprus, offering to waive its right to a portion of natural gas from the “Kronos” field to accelerate the project’s commercial exploitation.
According to sources, Egyptian Minister of Petroleum, Karim Badawi, informed the Cypriot government during meetings in Nicosia on Wednesday that Cairo is prepared to amend the original agreement for the Kronos discovery in Block 6. Under the initial terms, 20 per cent of the field’s output was earmarked for the Egyptian domestic market at lower prices. The new proposal allows the entire reservoir to be directed to Egyptian liquefaction terminals for export to European and international markets at higher competitive rates.
The move is seen as a strategic “helping hand” from Cairo to both the Republic of Cyprus and the Eni-TotalEnergies consortium. By removing the domestic supply obligation, the project’s commercial terms become significantly more attractive, simplifying the process of securing international buyers and potentially advancing the final investment decision (FID).
The Kronos field, discovered in 2022, holds estimated reserves of 3 trillion cubic feet (tcf) of gas, with approximately 2 tcf considered accessible for extraction. While original estimates suggested commercial production could begin in 2027, current projections—even with the new Egyptian flexibility—suggest a more realistic timeline of late 2027 or early 2028 due to the technical complexities involved.
President Nikos Christodoulides, who met with Badawi alongside Energy Minister Michalis Papanastasiou, stressed that energy cooperation remains at the top of the government’s agenda. The President is scheduled to meet with a senior delegation from the Italian energy major ENI on Thursday, 8 January 2026, to discuss the technical implementation of the new Egyptian proposal.
The collaboration between the two nations extends beyond Kronos, with Egypt also confirming its interest in the “Aphrodite” field and potential participation in future licensing rounds within the Cypriot Exclusive Economic Zone (EEZ).
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