In an exclusive interview with the Associated Press on August 7th and published on the 9th, Cypriot Energy Minister Michalis Hadjipavlou stated that the Eastern Mediterranean is rapidly becoming an alternative energy source for European countries, due to the Russian war in Ukraine and unrest in the Middle East. The minister confirmed that natural gas from the Cronos field could begin flowing to Europe starting March 2028, contributing to diversifying European energy sources and stabilizing prices. The Cronos field is one of six natural gas fields discovered so far within Cyprus’s Exclusive Economic Zone, off its southern coast.
On another note, the total reserves in the Glaucus and Pegasus fields are estimated at approximately 6.9 trillion cubic feet. ExxonMobil and QatarEnergy, the companies licensed to exploit these fields, expect gas production to begin from them by 2033.
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