{"id":2221966,"date":"2026-10-26T15:11:35","date_gmt":"2026-10-26T12:11:35","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2221966"},"modified":"2026-10-26T15:11:35","modified_gmt":"2026-10-26T12:11:35","slug":"cyprus-signs-1-8bn-deal-to-develop-first-gas-field-with-exports-to-europe-via-egypt","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2221966","title":{"rendered":"Cyprus signs $1.8bn deal to develop first gas field, with exports to Europe via Egypt"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/96\/71\/98\/1200x675_cmsv2_ba8fbaed-ad22-5b8b-80fd-cd4131851dfd-9967198.jpg&#8221;]<\/p>\n<article id=\"abe-2936855-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 the-media-object--has-video\" data-nid=\"2936855\" data-cid=\"9967939\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936855-label-pos1-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/79\/39\/189x106_cmsv2_bbf727e3-e757-5c7d-8a18-a6f807d1bff3-9967939.jpg\" loading=\"lazy\" alt=\"Yossi Mekelberg, Chatham House\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe Today<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Win or lose, Netanyahu could remain in power for months\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2937032-pos2-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 the-media-object--has-video\" data-nid=\"2937032\" data-cid=\"9968708\" data-part-label=\"Partner content\">\n<figure id=\"abe-2937032-label-pos2-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/87\/08\/189x106_cmsv2_9fe9de9e-8307-5b19-8ece-78786c0ced89-9968708.jpg\" loading=\"lazy\" alt=\"Dog rescued from the rubble after an overnight Russian attack.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    No Comment<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Ukraine: firefighters battle flames and rescue dog from Kyiv ruins\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2937015-pos3-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2937015\" data-cid=\"9968594\" data-part-label=\"Partner content\">\n<figure id=\"abe-2937015-label-pos3-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/85\/94\/189x106_cmsv2_6bd57899-3136-5b27-b7fa-3af7c64bfae3-9968594.jpg\" loading=\"lazy\" alt=\"FILE - The SK Hynix logo is displayed at the Korea Electronics Show in Seoul, South Korea, on 8 October 2019. (AP Photo\/Lee Jin-man, File)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<div class=\"the-media-object__title  \">\n<p>    AI chip boom tripled South Korea&#8217;s economic growth in third quarter\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2937031-pos4-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2937031\" data-cid=\"9968707\" data-part-label=\"Partner content\">\n<figure id=\"abe-2937031-label-pos4-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/87\/07\/189x106_cmsv2_0d087c64-9065-53a9-bd34-96486412c796-9968707.jpg\" loading=\"lazy\" alt=\"Macklemore begins Free Palestine tour in Europe with call for unity in Dublin\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Culture news<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Macklemore begins Free Palestine tour in Europe with call for unity in Dublin\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Business<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            Cyprus signs $1.8bn deal to develop first gas field, with exports to Europe via Egypt<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-controller=\"video-player\" data-sponsored=\"Partner content\">\n<div class=\"js-playercontrols u-height-full u-position-absolute u-width-full is-autoplaying\" data-translations=\"{&quot;error&quot;:&quot;This video could not be played.&quot;,&quot;geoblocked&quot;:&quot;Sorry, this content is not available in your country&quot;,&quot;slow&quot;:&quot;This is taking longer than usual&quot;}\">\n<div class=\"js-loadtrigger js-loadtrigger__button c-loadtrigger__button\" role=\"status\"><span class=\"js-loadtrigger__label c-loadtrigger__label u-visually-hidden\">Loading the video<\/span><\/div>\n<\/div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/71\/98\/1536x864_cmsv2_ba8fbaed-ad22-5b8b-80fd-cd4131851dfd-9967198.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"Agreement signed for the Kronos gas field\"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              Signing of the agreement for the Kronos gas field<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">Stavros Ioannides\/PIO<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0Stavros Ioannides\/PIO\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspIoannis Karagiorgas&amp;nbsp&amp;&amp;nbspStefania De Michele\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1793027495\">\n         Published on<br \/>\n            <time datetime=\"2026-10-26T16:11:35+01:00\">26 October 2026 &#8211; 16:11 GMT+1<\/time><\/div>\n<\/div>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div class=\"c-article-share-comment-popup-overlay js-c-article-share-comment-popup-overlay u-display-none\">\n<div id=\"js-c-article-share-comment-popup\" class=\"c-article-share-comment-popup js-c-article-share-comment-popup\">\n<div class=\"c-article-share-comment-popup__header u-display-flex\"><span>Share<\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/icon-close.svg\" width=\"24\" height=\"24\" alt=\"Close Button\" class=\"u-cursor-pointer js-c-article-share-comment-close\" loading=\"lazy\"><\/div>\n<div class=\"c-article-share-comment-popup__content u-display-flex\">\n<div id=\"share-comment-popup-content-container\" class=\"c-article-share-comment-popup__content__container u-display-flex\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-facebook.svg\" width=\"24\" height=\"24\" alt=\"facebook\" loading=\"lazy\"><span>Facebook<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-facebook.svg\" width=\"48\" height=\"48\" alt=\"facebook\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-twitter.svg\" width=\"24\" height=\"24\" alt=\"twitter\" loading=\"lazy\"><span>Twitter<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-twitter.svg\" width=\"48\" height=\"48\" alt=\"twitter\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-flipboard.svg\" width=\"24\" height=\"24\" alt=\"flipboard\" loading=\"lazy\"><span>Flipboard<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-flipboard.svg\" width=\"48\" height=\"48\" alt=\"flipboard\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-send.svg\" width=\"24\" height=\"24\" alt=\"send\" loading=\"lazy\"><span>Send<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-send.svg\" width=\"48\" height=\"48\" alt=\"send\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-reddit.svg\" width=\"24\" height=\"24\" alt=\"reddit\" loading=\"lazy\"><span>Reddit<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-reddit.svg\" width=\"48\" height=\"48\" alt=\"reddit\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-linkedin.svg\" width=\"24\" height=\"24\" alt=\"linkedin\" loading=\"lazy\"><span>Linkedin<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-linkedin.svg\" width=\"48\" height=\"48\" alt=\"linkedin\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-messenger.svg\" width=\"24\" height=\"24\" alt=\"messenger\" loading=\"lazy\"><span>Messenger<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-messenger.svg\" width=\"48\" height=\"48\" alt=\"messenger\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-telegram.svg\" width=\"24\" height=\"24\" alt=\"telegram\" loading=\"lazy\"><span>Telegram<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-telegram.svg\" width=\"48\" height=\"48\" alt=\"telegram\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"24\" height=\"24\" alt=\"vk\" loading=\"lazy\"><span>VK<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"48\" height=\"48\" alt=\"vk\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"24\" height=\"24\" alt=\"bluesky\" loading=\"lazy\"><span>Bluesky<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"48\" height=\"48\" alt=\"bluesky\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"24\" height=\"24\" alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<div class=\"c-article-share-comment-popup__content__embed_container u-display-none\"><span class=\"c-article-share-comment-popup__content__embed__tooltip\"><br \/>\n                            Copy\/paste the article video embed link below:<br \/>\n                        <\/span><span class=\"c-article-share-comment-popup__content__embed u-display-flex\"><img decoding=\"async\" src=\"https:\/\/www.euronews.com\/images\/vector\/icon-copy-to-clipboard.svg\" width=\"16\" height=\"16\" alt=\"Copy to clipboard\" class=\"u-cursor-pointer js-c-article-share-comment-copy\" loading=\"lazy\"><span class=\"c-article-share-comment-popup__content__embed--success-copied u-display-none js-c-article-share-comment-video-embed-success-link-copied\"><br \/>\n                                Copied<br \/>\n                            <\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        The deal is a key step towards harnessing Cyprus&#8217; natural gas reserves and bolstering energy cooperation in the Eastern Mediterranean, with exports to Europe via Egypt and production due to start in 2028.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>On Monday Italian energy group Eni signed contracts worth up to $1.8 billion (\u20ac1.61 billion) to build the infrastructure needed to develop the Kronos natural gas field inside Cyprus&#8217;s Exclusive Economic Zone (EEZ). Eni&#8217;s partner is French group Total, as the two companies will work together to mine the area.<\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>The project aims to commercialise Cypriot natural gas via Egypt, with exports to international markets and Europe expected to begin once production starts, which is currently scheduled for 2028.<\/p>\n<p>The agreements represent a major milestone in Cyprus&#8217;s efforts to strengthen its position on the energy map of the Eastern Mediterranean, while also contributing to the diversification of Europe&#8217;s natural gas supply sources.<\/p>\n<p>The President of the Republic of Cyprus, Nikos Christodoulides, received an Eni delegation at the Presidential Palace, headed by the group&#8217;s Chief Operating Officer of Global Natural Resources, Guido Brusco. This was followed by the contract-signing ceremony covering the design, equipment procurement, construction and installation of the infrastructure required for the development of the field.<\/p>\n<p>The president of Cyprus, Nikos Christodoulides, issued a written statement on the agreement, in which he says among other things that &#8220;The signing of contracts worth up to $1.8 billion dollars for the development of the &#8216;Kronos&#8217; field, and by extension the first commercial exploitation of Cypriot natural gas, constitutes a strong vote of confidence in our country&#8217;s energy prospects, with particular geopolitical and economic significance.&#8221;<\/p>\n<div class=\"widget widget--type-image widget--size-fullwidth widget--animation-fade-in widget--align-center\" data-ratio=\"0.613\">\n<div class=\"widget__wrapper\">\n<div class=\"widget__ratio widget__ratio--auto\">\n<div class=\"widget__contents\">\n<figure class=\"widget__figure\"><img decoding=\"async\" class=\"widgetImage__image\" loading=\"lazy\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/71\/98\/808x496_cmsv2_b9228be2-461c-59bf-a7de-65a84a7d279f-9967198.jpg\" alt=\"Guido Brusco with the president of the Republic of Cyprus\"><figcaption class=\"widget__caption\"><span class=\"widget__captionWrap\"><span class=\"widget__captionText\">Guido Brusco with the president of the Republic of Cyprus<\/span><span class=\"widget__captionCredit\">Stavros Ioannides\/PIO<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>In his speech, Brusco described the development as a historic milestone for Cyprus, as it is the country&#8217;s first hydrocarbon field development project.<\/p>\n<h2>More than 3 trillion Cubic feet of gas<\/h2>\n<p>According to Brusco, the Kronos field holds estimated reserves of more than 3 trillion cubic feet (TCF) of natural gas, with production forecast to rise to as much as 500 million cubic feet per day once operations have stabilised.<\/p>\n<p>The gas will be transported to Egypt, where it will be processed using existing infrastructure, including facilities linked to the Zohr field off the coast of Egypt.<\/p>\n<p>It will then be fed into the Damietta liquefied natural gas plant, from where it will be exported to international markets, chiefly in Europe.<\/p>\n<p>Using Egypt&#8217;s existing infrastructure is a central pillar of the plan, as it enables the development of the field through regional energy partnerships and facilitates the commercial exploitation of the gas.<\/p>\n<h2>&#8220;Historic milestone for Cyprus&#8221;<\/h2>\n<p>The Eni executive underlined that the company has been active in Cyprus since 2013, investing for more than a decade in expertise, human resources and technological infrastructure.<\/p>\n<p>He said the move of the Kronos project into the implementation phase is the result of this long-term effort and cooperation between the Republic of Cyprus, Egypt, Eni and TotalEnergies.<\/p>\n<p>&#8220;It is our first development project in Cyprus and confirms our commitment to being a long-term partner in the country&#8217;s energy future,&#8221; he noted.<\/p>\n<p>At the same time, he described the project as the starting point for a new chapter in Cyprus&#8217;s energy industry, with the potential to strengthen the country&#8217;s role on the regional energy map.<\/p>\n<p>Brusco also referred to Egypt&#8217;s contribution, stressing that cooperation between the two countries has shaped a viable route for the commercial exploitation of Kronos gas.<\/p>\n<p>In closing, he emphasised that the start of implementation marks the launch of a complex energy project that demands high-level expertise, close coordination between all stakeholders and strict compliance with safety standards.<\/p>\n<h2>Kronos field: Production targeted to start in 2028<\/h2>\n<p>Eni and TotalEnergies decided in July to accelerate the project&#8217;s roll-out, setting a target of starting production in the first half of 2028.<\/p>\n<p>A key advantage is the ability to use existing infrastructure that is expected to reduce development costs and shorten the time needed to build the necessary facilities.<\/p>\n<h2>Cooperation between Cyprus, Greece, Egypt and Italy at the heart of energy strategy<\/h2>\n<p>Beyond the economic and commercial dimension of the project, the development of the Kronos field highlights the strategic importance of strengthening energy cooperation in the Eastern Mediterranean.<\/p>\n<p>Cooperation between Cyprus, Greece, Egypt and Italy can become a key pillar of a broader energy corridor linking Eastern Mediterranean fields with the European market. Cyprus has the potential to produce new volumes of natural gas, Egypt has the processing and liquefaction facilities, Greece offers a strategic location and interconnections for channelling energy flows towards south-eastern and central Europe, while Italy provides an important entry point to one of the European Union&#8217;s largest energy markets.<\/p>\n<p>The harnessing of these capabilities creates scope for infrastructure investment, deepening trade ties and the development of new energy transport routes. At the same time, it can strengthen the negotiating position of European countries and mitigate risks arising from dependence on a limited number of suppliers and supply routes.<\/p>\n<h2>Europe&#8217;s energy security and diversification of supplies<\/h2>\n<p>For Nicosia, the significance of the agreements goes beyond their immediate economic value. According to daily newspaper Phileleftheros, revenues from gas sales are not expected to begin flowing straight away.<\/p>\n<p>Eni&#8217;s commitment is a vote of confidence in Cyprus&#8217;s prospects and reinforces the case for tapping Europe&#8217;s own energy resources in order to reduce its reliance on external suppliers.<\/p>\n<p>These developments take on particular importance at a time of heightened tensions in the Middle East and concern about the impact of the confrontation between the US and Iran around the Strait of Hormuz, one of the world&#8217;s most important energy shipping lanes.<\/p>\n<p>The risk of disruption to energy flows across the wider region underscores Europe&#8217;s need to secure alternative supply sources and strengthen strategic partnerships with countries that possess energy resources and the infrastructure needed to export them.<\/p>\n<p>In this context, the development of new fields in the Eastern Mediterranean can help diversify Europe&#8217;s energy mix, limiting the risks associated with excessive dependence on specific countries or transport routes.<\/p>\n<p>However, the actual contribution of Cypriot gas to Europe&#8217;s energy security will depend on when production starts, the available export capacity, the commercial agreements in place and the conditions prevailing in global markets.<\/p>\n<p>The exploitation of Kronos does not automatically mean replacing supplies from the US or Russia, but it can add another option to Europe&#8217;s energy portfolio.<\/p>\n<div class=\"widget widget--type-image widget--size-fullwidth widget--animation-fade-in widget--align-center\" data-ratio=\"0.6665\">\n<div class=\"widget__wrapper\">\n<div class=\"widget__ratio widget__ratio--auto\">\n<div class=\"widget__contents\">\n<figure class=\"widget__figure\"><img decoding=\"async\" class=\"widgetImage__image\" loading=\"lazy\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/71\/98\/808x539_cmsv2_d4c77d87-863f-516b-a282-1b52b1693f40-9967198.jpg\" alt=\"The president of Cyprus with Guido Brusco\"><figcaption class=\"widget__caption\"><span class=\"widget__captionWrap\"><span class=\"widget__captionText\">The president of Cyprus with Guido Brusco<\/span><span class=\"widget__captionCredit\">Stavros Ioannides\/PIO<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2>The companies implementing the project<\/h2>\n<p>As part of advancing the project, contracts are to be signed with specialised companies that will undertake specific tasks for the development of the field and the necessary infrastructure.<\/p>\n<p>In particular:<\/p>\n<ul>\n<li><strong>Baker Hughes:<\/strong> Design, supply and construction of subsea production systems.<\/li>\n<li><strong>Dalmine:<\/strong> Works related to natural gas export pipelines and MEG transfer.<\/li>\n<li><strong>TechnipFMC:<\/strong> Execution of works for flexible production lines.<\/li>\n<li><strong>McDermott:<\/strong> Transport, offshore installation, tie-in and commissioning of subsea pipelines and equipment.<\/li>\n<li><strong>Oceaneering:<\/strong> Construction of the main subsea control cables.<\/li>\n<li><strong>CMHI:<\/strong> Construction and installation of a floating control unit.<\/li>\n<li><strong>Petrojet:<\/strong> Construction of a new onshore natural gas pipeline in Egypt between Zohr and Damietta.<\/li>\n<li><strong>Saipem:<\/strong> Provision of offshore drilling services using the Saipem 10000 drillship.<\/li>\n<\/ul>\n<h2>New energy projects in the Eastern Mediterranean<\/h2>\n<p>The Kronos field is part of a broader surge of activity in hydrocarbon exploration and development in the Eastern Mediterranean.<\/p>\n<p>US energy giant Chevron is continuing talks on the development of the Aphrodite field, with its partners Israel&#8217;s NewMed Energy and the UK&#8217;s Shell.<\/p>\n<p>At the same time, according to media reports, Shell has reached an agreement to sell its stake in the field to Hungarian energy group MOL, with the transaction expected to be completed in early 2027.<\/p>\n<p>The progress of these projects will play a decisive role in Cyprus&#8217;s ability to turn natural gas discoveries into commercially exploitable resources and to strengthen its participation in regional energy value chains.<\/p>\n<p>The stakes, therefore, go beyond the development of another gas field. They concern the Eastern Mediterranean&#8217;s ability to evolve into a reliable energy corridor for Europe, through investment, regional partnerships and infrastructure that connect production with European markets.<\/p>\n<p>In this endeavour, closer cooperation between Cyprus, Greece and Egypt is particularly important, as it can combine the region&#8217;s production potential with Europe&#8217;s need for a safer, more diversified and competitive energy supply.<\/p>\n<\/div>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__container\">\n<article id=\"abe-2937015-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2937015\" data-cid=\"9968594\" data-part-label=\"Partner content\">\n<figure id=\"abe-2937015-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/85\/94\/480x270_cmsv2_6bd57899-3136-5b27-b7fa-3af7c64bfae3-9968594.jpg\" loading=\"lazy\" alt=\"FILE - The SK Hynix logo is displayed at the Korea Electronics Show in Seoul, South Korea, on 8 October 2019. (AP Photo\/Lee Jin-man, File)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    AI chip boom tripled South Korea&#8217;s economic growth in third quarter<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936921-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2936921\" data-cid=\"9968164\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936921-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/81\/64\/480x270_cmsv2_aff00001-069b-52fb-802e-3e6f7fd1d456-9968164.jpg\" loading=\"lazy\" alt=\" People walk past a Microsoft office in New York, Nov. 10, 2016.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Microsoft offers around 60,000 employees voluntary buyouts<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936888-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2936888\" data-cid=\"9968057\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936888-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/80\/57\/480x270_cmsv2_f49533af-a186-54cf-a73e-f650688d4e87-9968057.jpg\" loading=\"lazy\" alt=\"Dario Amodei, CEO &amp; Co-Founder of Anthropic, speaks on a panel at the convening of the International Network of AI Safety Institutes at the Golden Gate Club.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Anthropic&#8217;s S-1 IPO filing shows off soaring revenues and high costs<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Eastern Mediterranean<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Europe&#8217;s energy crisis<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Cyprus<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Italy<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Energy<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Egypt<br \/>\n<\/section>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"tp-vuukle\">\n<div class=\"c-vuukle-skeleton\" aria-hidden=\"true\">\n<div class=\"c-vuukle-skeleton__header\"><span class=\"c-vuukle-skeleton__title\">Comments<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div id=\"adb-article-top-stories\" class=\"perf-cv-auto c-top-stories\">\n<h2 class=\"c-top-stories__title\">Top stories<\/h2>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2936860-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2936860\" data-cid=\"9967943\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936860-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/79\/43\/320x180_cmsv2_2e53d12c-6d5a-5a3c-96ff-b79f2dae0898-9967943.jpg\" loading=\"lazy\" alt=\"FILE. The LNG ship, Attalos, arrives at the Isle of Grain terminal, east of London, 24 Aug. 2022\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    European natural gas prices soar: What it means for your winter bills<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2937015-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2937015\" data-cid=\"9968594\" data-part-label=\"Partner content\">\n<figure id=\"abe-2937015-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/85\/94\/320x180_cmsv2_6bd57899-3136-5b27-b7fa-3af7c64bfae3-9968594.jpg\" loading=\"lazy\" alt=\"FILE - The SK Hynix logo is displayed at the Korea Electronics Show in Seoul, South Korea, on 8 October 2019. (AP Photo\/Lee Jin-man, File)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    AI chip boom tripled South Korea&#8217;s economic growth in third quarter<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2935581-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2935581\" data-cid=\"9962031\" data-part-label=\"Partner content\">\n<figure id=\"abe-2935581-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/20\/31\/320x180_cmsv2_6fab258e-332b-5023-819e-44bb892646df-9962031.jpg\" loading=\"lazy\" alt=\"European trade unions demonstrating in front of the European Commission in Brussels, 24 September, 2026. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    EU Inc: Why the Commission&#8217;s startup plan might be falling apart<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2936632-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2936632\" data-cid=\"9966815\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936632-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/68\/15\/320x180_cmsv2_948fb9db-060b-53e9-9aa6-b47c186e472e-9966815.jpg\" loading=\"lazy\" alt=\"A man runs past a kiosk selling gifts for upcoming Valentine&apos;s Day, as he rushes for a train at Waterloo Station in London, Tuesday Feb. 9, 2010. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Dating costs in Europe: Which cities are cheapest and most expensive?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2936921-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2936921\" data-cid=\"9968164\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936921-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/81\/64\/320x180_cmsv2_aff00001-069b-52fb-802e-3e6f7fd1d456-9968164.jpg\" loading=\"lazy\" alt=\" People walk past a Microsoft office in New York, Nov. 10, 2016.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Microsoft offers around 60,000 employees voluntary buyouts<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-ad-wrapper o-article-newsy__aside__content-2\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-most-viewed\">\n<h2 class=\"c-most-viewed__title qa-section-title\">Most read<\/h2>\n<div class=\"c-most-viewed__list\">\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">1<\/span><\/p>\n<article id=\"abe-2936164-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2936164\" data-cid=\"9965002\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Central banks split over gold: Russia is selling, China is buying<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">2<\/span><\/p>\n<article id=\"abe-2936110-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2936110\" data-cid=\"9964654\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Young people\u2019s household income in Europe: How does France compare?\u00a0<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">3<\/span><\/p>\n<article id=\"abe-2936740-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2936740\" data-cid=\"9967293\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Oil plunges over 6% as Iran diplomacy seemingly gathers pace<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">4<\/span><\/p>\n<article id=\"abe-2935963-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2935963\" data-cid=\"9963867\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Grocery prices across Europe: Where is food most expensive and why?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">5<\/span><\/p>\n<article id=\"abe-2934249-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2934249\" data-cid=\"9963636\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Why a job no longer guarantees access to housing in Spain<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-ad-wrapper o-article-newsy__aside__content-3\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/www.euronews.com\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/article>\n<article id=\"abe-2937015-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2937015\" data-cid=\"9968594\" data-part-label=\"Partner content\">\n<figure id=\"abe-2937015-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/85\/94\/480x270_cmsv2_6bd57899-3136-5b27-b7fa-3af7c64bfae3-9968594.jpg\" loading=\"lazy\" alt=\"FILE - The SK Hynix logo is displayed at the Korea Electronics Show in Seoul, South Korea, on 8 October 2019. (AP Photo\/Lee Jin-man, File)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    AI chip boom tripled South Korea&#8217;s economic growth in third quarter<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936921-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2936921\" data-cid=\"9968164\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936921-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/81\/64\/480x270_cmsv2_aff00001-069b-52fb-802e-3e6f7fd1d456-9968164.jpg\" loading=\"lazy\" alt=\" People walk past a Microsoft office in New York, Nov. 10, 2016.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Microsoft offers around 60,000 employees voluntary buyouts<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936888-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1\" data-nid=\"2936888\" data-cid=\"9968057\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936888-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/80\/57\/480x270_cmsv2_f49533af-a186-54cf-a73e-f650688d4e87-9968057.jpg\" loading=\"lazy\" alt=\"Dario Amodei, CEO &amp; Co-Founder of Anthropic, speaks on a panel at the convening of the International Network of AI Safety Institutes at the Golden Gate Club.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Anthropic&#8217;s S-1 IPO filing shows off soaring revenues and high costs<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936860-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2936860\" data-cid=\"9967943\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936860-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/79\/43\/320x180_cmsv2_2e53d12c-6d5a-5a3c-96ff-b79f2dae0898-9967943.jpg\" loading=\"lazy\" alt=\"FILE. The LNG ship, Attalos, arrives at the Isle of Grain terminal, east of London, 24 Aug. 2022\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    European natural gas prices soar: What it means for your winter bills<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2937015-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2937015\" data-cid=\"9968594\" data-part-label=\"Partner content\">\n<figure id=\"abe-2937015-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/85\/94\/320x180_cmsv2_6bd57899-3136-5b27-b7fa-3af7c64bfae3-9968594.jpg\" loading=\"lazy\" alt=\"FILE - The SK Hynix logo is displayed at the Korea Electronics Show in Seoul, South Korea, on 8 October 2019. (AP Photo\/Lee Jin-man, File)\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    AI chip boom tripled South Korea&#8217;s economic growth in third quarter<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2935581-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2935581\" data-cid=\"9962031\" data-part-label=\"Partner content\">\n<figure id=\"abe-2935581-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/20\/31\/320x180_cmsv2_6fab258e-332b-5023-819e-44bb892646df-9962031.jpg\" loading=\"lazy\" alt=\"European trade unions demonstrating in front of the European Commission in Brussels, 24 September, 2026. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    EU Inc: Why the Commission&#8217;s startup plan might be falling apart<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936632-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2936632\" data-cid=\"9966815\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936632-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/68\/15\/320x180_cmsv2_948fb9db-060b-53e9-9aa6-b47c186e472e-9966815.jpg\" loading=\"lazy\" alt=\"A man runs past a kiosk selling gifts for upcoming Valentine&apos;s Day, as he rushes for a train at Waterloo Station in London, Tuesday Feb. 9, 2010. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Dating costs in Europe: Which cities are cheapest and most expensive?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936921-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 the-media-object--no-label\" data-nid=\"2936921\" data-cid=\"9968164\" data-part-label=\"Partner content\">\n<figure id=\"abe-2936921-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/96\/81\/64\/320x180_cmsv2_aff00001-069b-52fb-802e-3e6f7fd1d456-9968164.jpg\" loading=\"lazy\" alt=\" People walk past a Microsoft office in New York, Nov. 10, 2016.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Microsoft offers around 60,000 employees voluntary buyouts<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936164-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2936164\" data-cid=\"9965002\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Central banks split over gold: Russia is selling, China is buying<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936110-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2936110\" data-cid=\"9964654\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Young people\u2019s household income in Europe: How does France compare?\u00a0<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2936740-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2936740\" data-cid=\"9967293\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Oil plunges over 6% as Iran diplomacy seemingly gathers pace<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2935963-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2935963\" data-cid=\"9963867\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Grocery prices across Europe: Where is food most expensive and why?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2934249-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2934249\" data-cid=\"9963636\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Why a job no longer guarantees access to housing in Spain<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">On Monday Italian energy group Eni signed contracts worth up to $1.8 billion (\u20ac1.61 billion) to build the infrastructure needed to develop the Kronos natural gas field inside Cyprus&#8217;s Exclusive Economic Zone (EEZ). Eni&#8217;s partner is French group Total, as the two companies will work together to mine the area.The project aims to commercialise Cypriot natural gas via Egypt, with exports to international markets and Europe expected to begin once production starts, which is currently scheduled for 2028.The agreements represent a major milestone in Cyprus&#8217;s efforts to strengthen its position on the energy map of the Eastern Mediterranean, while also contributing to the diversification of Europe&#8217;s natural gas supply sources.The President of the Republic of Cyprus, Nikos Christodoulides, received an Eni delegation at the Presidential Palace, headed by the group&#8217;s Chief Operating Officer of Global Natural Resources, Guido Brusco. This was followed by the contract-signing ceremony covering the design, equipment procurement, construction and installation of the infrastructure required for the development of the field.The president of Cyprus, Nikos Christodoulides, issued a written statement on the agreement, in which he says among other things that &#8220;The signing of contracts worth up to $1.8 billion dollars for the development of the &#8216;Kronos&#8217; field, and by extension the first commercial exploitation of Cypriot natural gas, constitutes a strong vote of confidence in our country&#8217;s energy prospects, with particular geopolitical and economic significance.&#8221;In his speech, Brusco described the development as a historic milestone for Cyprus, as it is the country&#8217;s first hydrocarbon field development project.More than 3 trillion Cubic feet of gasAccording to Brusco, the Kronos field holds estimated reserves of more than 3 trillion cubic feet (TCF) of natural gas, with production forecast to rise to as much as 500 million cubic feet per day once operations have stabilised.The gas will be transported to Egypt, where it will be processed using existing infrastructure, including facilities linked to the Zohr field off the coast of Egypt.It will then be fed into the Damietta liquefied natural gas plant, from where it will be exported to international markets, chiefly in Europe.Using Egypt&#8217;s existing infrastructure is a central pillar of the plan, as it enables the development of the field through regional energy partnerships and facilitates the commercial exploitation of the gas.&#8221;Historic milestone for Cyprus&#8221;The Eni executive underlined that the company has been active in Cyprus since 2013, investing for more than a decade in expertise, human resources and technological infrastructure.He said the move of the Kronos project into the implementation phase is the result of this long-term effort and cooperation between the Republic of Cyprus, Egypt, Eni and TotalEnergies.&#8221;It is our first development project in Cyprus and confirms our commitment to being a long-term partner in the country&#8217;s energy future,&#8221; he noted.At the same time, he described the project as the starting point for a new chapter in Cyprus&#8217;s energy industry, with the potential to strengthen the country&#8217;s role on the regional energy map.Brusco also referred to Egypt&#8217;s contribution, stressing that cooperation between the two countries has shaped a viable route for the commercial exploitation of Kronos gas.In closing, he emphasised that the start of implementation marks the launch of a complex energy project that demands high-level expertise, close coordination between all stakeholders and strict compliance with safety standards.Kronos field: Production targeted to start in 2028Eni and TotalEnergies decided in July to accelerate the project&#8217;s roll-out, setting a target of starting production in the first half of 2028.A key advantage is the ability to use existing infrastructure that is expected to reduce development costs and shorten the time needed to build the necessary facilities.Cooperation between Cyprus, Greece, Egypt and Italy at the heart of energy strategyBeyond the economic and commercial dimension of the project, the development of the Kronos field highlights the strategic importance of strengthening energy cooperation in the Eastern Mediterranean.Cooperation between Cyprus, Greece, Egypt and Italy can become a key pillar of a broader energy corridor linking Eastern Mediterranean fields with the European market. Cyprus has the potential to produce new volumes of natural gas, Egypt has the processing and liquefaction facilities, Greece offers a strategic location and interconnections for channelling energy flows towards south-eastern and central Europe, while Italy provides an important entry point to one of the European Union&#8217;s largest energy markets.The harnessing of these capabilities creates scope for infrastructure investment, deepening trade ties and the development of new energy transport routes. At the same time, it can strengthen the negotiating position of European countries and mitigate risks arising from dependence on a limited number of suppliers and supply routes.Europe&#8217;s energy security and diversification of suppliesFor Nicosia, the significance of the agreements goes beyond their immediate economic value. According to daily newspaper Phileleftheros, revenues from gas sales are not expected to begin flowing straight away.Eni&#8217;s commitment is a vote of confidence in Cyprus&#8217;s prospects and reinforces the case for tapping Europe&#8217;s own energy resources in order to reduce its reliance on external suppliers.These developments take on particular importance at a time of heightened tensions in the Middle East and concern about the impact of the confrontation between the US and Iran around the Strait of Hormuz, one of the world&#8217;s most important energy shipping lanes.The risk of disruption to energy flows across the wider region underscores Europe&#8217;s need to secure alternative supply sources and strengthen strategic partnerships with countries that possess energy resources and the infrastructure needed to export them.In this context, the development of new fields in the Eastern Mediterranean can help diversify Europe&#8217;s energy mix, limiting the risks associated with excessive dependence on specific countries or transport routes.However, the actual contribution of Cypriot gas to Europe&#8217;s energy security will depend on when production starts, the available export capacity, the commercial agreements in place and the conditions prevailing in global markets.The exploitation of Kronos does not automatically mean replacing supplies from the US or Russia, but it can add another option to Europe&#8217;s energy portfolio.The companies implementing the projectAs part of advancing the project, contracts are to be signed with specialised companies that will undertake specific tasks for the development of the field and the necessary infrastructure.In particular:Baker Hughes: Design, supply and construction of subsea production systems.Dalmine: Works related to natural gas export pipelines and MEG transfer.TechnipFMC: Execution of works for flexible production lines.McDermott: Transport, offshore installation, tie-in and commissioning of subsea pipelines and equipment.Oceaneering: Construction of the main subsea control cables.CMHI: Construction and installation of a floating control unit.Petrojet: Construction of a new onshore natural gas pipeline in Egypt between Zohr and Damietta.Saipem: Provision of offshore drilling services using the Saipem 10000 drillship.New energy projects in the Eastern MediterraneanThe Kronos field is part of a broader surge of activity in hydrocarbon exploration and development in the Eastern Mediterranean.US energy giant Chevron is continuing talks on the development of the Aphrodite field, with its partners Israel&#8217;s NewMed Energy and the UK&#8217;s Shell.At the same time, according to media reports, Shell has reached an agreement to sell its stake in the field to Hungarian energy group MOL, with the transaction expected to be completed in early 2027.The progress of these projects will play a decisive role in Cyprus&#8217;s ability to turn natural gas discoveries into commercially exploitable resources and to strengthen its participation in regional energy value chains.The stakes, therefore, go beyond the development of another gas field. They concern the Eastern Mediterranean&#8217;s ability to evolve into a reliable energy corridor for Europe, through investment, regional partnerships and infrastructure that connect production with European markets.In this endeavour, closer cooperation between Cyprus, Greece and Egypt is particularly important, as it can combine the region&#8217;s production potential with Europe&#8217;s need for a safer, more diversified and competitive energy supply.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/2026\/10\/26\/cyprus-signs-18bn-deal-to-develop-first-gas-field-with-exports-to-europe-via-egypt&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/96\/71\/98\/1200x675_cmsv2_ba8fbaed-ad22-5b8b-80fd-cd4131851dfd-9967198.jpg&#8221;] Europe Today Win or lose, Netanyahu could remain in power for months No Comment Ukraine: firefighters battle flames and rescue dog from Kyiv ruins Business AI chip boom tripled South Korea&#8217;s economic growth in third quarter Culture news Macklemore begins Free Palestine tour in Europe with call for unity in Dublin Business [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-2221966","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2221966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2221966"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2221966\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2221966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2221966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2221966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}