Arab Finance: Eni has reached the Final Investment Decision (FID) to develop the Cronos gas field offshore Cyprus, targeting to bring the first Cypriot gas to market in 2028, according to a statement.

Located in Block 6 in Cyprus' deep waters, the Cronos field contains more than 3 trillion cubic feet (tcf) of gas initially in place (GIIP). Once operational, the project is expected to produce up to 500 million standard cubic feet per day (mmscf/d).

Under the development plan, natural gas from the field will be transported to Egypt through offshore infrastructure and processed at the existing Zohr facilities before being delivered to the Damietta LNG plant for liquefaction and export to international markets, primarily Europe.

Cronos marks Eni's first upstream development in Cyprus and the country's inaugural hydrocarbon project. It is also expected to foster Egypt's position as a regional energy hub by utilizing its existing gas processing and liquefaction infrastructure.

The development will support operations at the Damietta LNG plant, restore structural LNG exports from Egypt, and expand the company's global liquefied natural gas portfolio.

Eni noted that it will market 50% of the project's LNG output, equivalent to approximately 1.4 million tons per annum (MTPA), contributing to its strategic objective of expanding its contracted LNG portfolio to more than 20 MTPA by 2030.

CEO of Eni Claudio Descalzi commented: “Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter, and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure. It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply”.

For his part, Minister of Petroleum and Mineral Resources Karim Badawi affirmed that the decision reflects the strong confidence that major global energy companies have in Egypt's energy infrastructure.

Badawi added that it proves the success of the country's strategy over recent years to maximize the value of its fully integrated, world-class gas infrastructure, which has become the most economically and technically viable option for developing natural gas resources in the Eastern Mediterranean.

Last May, Cypriot President Nikos Christodoulides approved the development and production plan for the Cronos gas field, paving the way for the first shipment of natural gas to Europe via Egypt.

On the sidelines of EGYPES 2026 held last March, Christodoulides and President Abdel Fattah El-Sisi witnessed the signing of a joint framework agreement to boost natural gas cooperation.