Decisions taken by cabinet on Tuesday set in motion the process for taking the first Cypriot natural gas to market, Energy Minister Michael Damianos said on Tuesday.

“With steady steps and specific planning, we are moving ahead to actions leading to the production of the first Cypriot natural gas by early 2028,” he said.

The cabinet had given the nod to a development and production plan for the Kronos gas field while also approving the basic terms of sale of gas from the Aphrodite prospect, two proposals put forward by his ministry.

The Kronos field is in Block 6 of Cyprus’ exclusive economic zone (EEZ), and is operated by Italian company ENI, partnered with France’s Total Energies.

The Aphrodite reservoir lies in Block 12, the concession holders of which are a consortium of Chevron, BG and NewMed Energy.

According to Damianos, the Aphrodite partners will take a final investment decision to monetise Aphrodite sometime next year.

“Based on these approvals, the consortium of ENI-Total Energies will quickly go ahead with taking a final investment decision on the Kronos reservoir, turning a new historic page in Cyprus’ energy trajectory,” the minister said.

“After almost two decades of intensive exploration activities and important discoveries, our country is now taking the decisive step from exploration to production, with the first Cypriot gas slated to reach the markets in 2028.”

Discovered in 2022, Kronos holds an estimated 3.4 trillion cubic feet (tcf) of recoverable natural gas.

The Aphrodite prospect, discovered in 2011, holds around 3.6 tcf.

Damianos said that when the time comes, he would personally sign on behalf of Cyprus the commercial deals for two reservoirs. These would be considered “precursors” to the final gas sales agreements.

The anticipated monetisation of the two gas fields in question, the minister added, would at the same time reinforce existing partnerships with Egypt, France and Italy, further enhancing Cyprus’ “geo-strategic presence” in the region.

It would also play a part in making the eastern Mediterranean a significant energy hub, contributing to the EU’s drive to shore up its energy security through resource diversification and energy corridors.

“The development of the reservoirs in the EEZ of the Republic of Cyprus signals the country’s transition to a producer of energy, enhancing its credibility among current license holders and creating prospects for attracting new investments” Damianos said.