Cypriot natural gas is set to flow to Europe by March 2028, a development Cyprus Minister for Energy Michalis Damianos claims will boost Europe's energy independence. This intensified pursuit of fossil fuels unfolds as Europe faces escalating climate displacement, a crisis directly exacerbated by the very energy policies now being expanded. The Eastern Mediterranean is rapidly becoming a new energy frontier for European states, even as the human cost of climate breakdown mounts.
Damianos confirmed that partners TotalEnergies of France and Italy’s Eni made the final investment decision last month. They will develop the Cronos gas field off Cyprus’s southern coast. This project marks the first time gas from Eastern Mediterranean fields will supply European markets. The minister cited the war in Ukraine and the situation in the Middle East as reasons for Cyprus's importance as an alternative natural gas source.
Profiting from Instability
The Eni-TotalEnergies consortium’s timeline indicates that work to build a pipeline from Cronos to existing infrastructure at Egypt’s giant Zohr gas field, 105 kilometres away, will commence later this year. This construction is projected to last up to 18 months. Once completed, the gas will travel to the processing plant at Damietta on Egypt’s northern coast, where it will be liquefied for shipment to Europe. Sending gas from Cronos to Egypt for processing was deemed the most economically viable option, costing approximately $2bn (€1.73bn).
This figure is half the estimated expense of developing other gas fields in Cypriot waters, largely due to its proximity to existing infrastructure. The agreement specifies that all of the more than 3 trillion cubic feet (84.9 billion cubic metres) of gas from Cronos will go to Europe. A clause, however, allows about one-fifth of that volume to cover part of Egypt’s domestic energy needs. Damianos described Cronos as a relatively small reserve, stating its importance lies in Cyprus becoming a producer, not in generating huge revenues.
Cronos is one of six gas fields discovered so far within Cyprus’s Exclusive Economic Zone. Two other fields, Glafcos and Pegasus, hold combined estimated reserves of 6.9 trillion cubic feet (195 billion cubic metres). ExxonMobil and QatarEnergy, licensed to exploit these fields, expect gas from Glafcos and Pegasus to start flowing by 2033. ExxonMobil plans to expand its exploration activities off Cyprus and is expected to obtain an additional licence for hydrocarbons.
Fortress Europe's Energy Grab
Another gas field, Aphrodite, discovered about 15 years ago, holds estimated reserves of 5.6 trillion cubic feet (158 billion cubic metres). The final investment decision by the Chevron-led consortium on developing Aphrodite is expected in the summer of 2027. An agreement with Chevron will link this field directly to facilities in Egypt to cover that country’s domestic energy needs. Part of Aphrodite lies in Israeli waters, and an arbitrator is expected to decide Israel's share by next month.
Beyond gas, the Great Seas Interconnector project, a power cable connecting Europe’s electricity grid with that of Cyprus and eventually Israel, is also progressing. French investment company Meridiam has entered as a financier for this project, following sustained interest from French President Emmanuel Macron. Damianos stated the project would end the energy isolation of Cyprus and Israel, serving as a key building block of the IMEC Initiative, a new energy and trade route to the Gulf and India that the European Union is pursuing.
The Cost of 'Independence'
The interconnector project's actual cost now exceeds its original estimate of $2.2bn (€1.91bn), miring it in bureaucratic procedures. A European Investment Bank report, expected in the coming months, will clarify its price tag. Under the current agreement, Cypriot energy consumers would have to cover up to 63% of the cable's construction cost, which would mean a significant increase in electricity prices. Additional private investment is being sought to offset this burden, while further EU funding is also being examined. The EU has already committed €658 million ($760 million) to the project.
This pursuit of energy independence and new trade routes highlights Europe's selective approach to security. While geopolitical "turmoil" in the Middle East is cited as a reason to secure fossil fuel supplies, the human displacement caused by this same instability is met with the tightening grip of Fortress Europe. The IMEC Initiative prioritises the free movement of capital and goods, while the people fleeing these destabilised regions are criminalised for crossing the same borders. The EU's focus remains on securing resources for its citizens, rather than addressing the root causes of migration or offering unconditional solidarity to those displaced by climate change and conflict.