Italy's Eni and France's TotalEnergies are approaching a final investment decision on a natural gas development in Cyprus, with production targeted to begin by 2028.
The project represents a significant step toward establishing the island as a new export hub for natural gas, aligning with European efforts to secure supply from sources closer to its borders.
The development adds to a growing cluster of activity in Cyprus' exclusive economic zone.
Earlier this week, ExxonMobil and QatarEnergy declared two separate natural gas fields in the region commercially viable, though their production timeline is set for 2033.
The Eni-TotalEnergies project would bring forward the potential for gas exports, offering a nearer-term supply option for European markets.
This acceleration in Cyprus' energy sector comes amid broader geopolitical shifts in the Eastern Mediterranean.