Cyprus is moving to gas production for the first time, after the Council of Ministers approved a development plan for the Kronos deposit in Block 6 of the country’s Exclusive Economic Zone (EEZ), with the Eni-TotalEnergies consortium preparing to take a Final Investment Decision (FID) and first exports targeted for 2028.
Under the plan, Kronos gas will be piped to the neighbouring Egyptian Zohr field and from there, via existing infrastructure, to the Damietta liquefaction terminal for export as LNG. ENI estimates Kronos reserves at approximately 2.5 trillion cubic feet (tcf). The Zeus deposit, also in Block 6, holds a similar or slightly larger amount. Natural gas was found in smaller quantities at Calypso, the third deposit in the block, though ENI gave no specific figure for that field. The Eni-TotalEnergies consortium manages all three deposits.
The Cypriot government had favoured routing part of the Kronos gas directly to the Egyptian market, hoping to secure a better unit price. The consortium pushed instead for the Damietta terminal, in which ENI holds a 50% stake alongside two Egyptian state companies. The terminal has been running below capacity due to a shortage of gas.
The Council also approved a package of agreements at the same session, including the key terms of the Gas Sales Agreement for Kronos with Egypt. Energy Minister Michalis Damianos, speaking after the session according to CNA, said the consortium will now “proceed immediately to the Final Investment Decision for the Kronos deposit, opening a new historic chapter in Cyprus’s energy journey.” He added that after nearly two decades of exploration, Cyprus is taking “the decisive step from exploration to production, with the aim of first Cypriot gas reaching the market in 2028.”
A second proposal approved covers the key terms of the Gas Sales Agreement for the Aphrodite deposit in Block 12 of the EEZ, with the licensee consortium of Chevron, BG and NewMed Energy targeting an investment decision within 2027.
Damianos described the development as “a milestone for the energy programme of the Republic of Cyprus,” saying the island is now on “the final straight for the sustainable and commercial exploitation of its energy resources,” contributing to EU efforts to diversify energy sources and routes. He added that the development of EEZ deposits marks Cyprus’s transition to an energy producer, strengthening its credibility with existing investors and creating conditions to attract new ones.
DIKO president Nikolas Papadopoulos welcomed the decision, saying the party recognises the contribution of all governments that have worked over the years on Cyprus’s energy strategy. He singled out former Energy Minister Giorgos Papanastasiou and current minister Damianos for particular credit, saying the development shows “what our people can achieve when they fight for it.” Papadopoulos added that DIKO would push in the next parliament for “every citizen, every household, every family to receive a dividend from these successes of the Cypriot economy.”
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