Italian major Eni and its partner TotalEnergies have taken the final investment decision (FID) to develop the Cronos gas field offshore Cyprus, with first gas expected in 2028, according to Splash247. The project marks Eni's first development in Cyprus and the country's inaugural hydrocarbon project.
Project Overview and Key Metrics
Cronos was discovered in 2022 and successfully appraised in 2024. Located approximately 185 km southwest of the coast of Cyprus in deep offshore waters, the field holds more than 3 trillion cubic feet of gas initially in place. The development plan includes four subsea wells, with production expected to reach a plateau of 500 million standard cubic feet per day.
| Metric | Value |
|---|---|
| Field size (gas initially in place) | >3 trillion cubic feet |
| Production plateau | 500 million standard cubic feet/day |
| First gas target | 2028 |
| Distance from Cyprus coast | ~185 km (southwest) |
| Number of subsea wells | 4 |
Supply-Side Intelligence: Infrastructure and Processing
Gas from Cronos will be transported and processed in existing Zohr facilities in Egypt, where it will be liquefied at the Damietta LNG terminal before being exported to Europe. Splash247 reported that this development enables the restart of the Damietta LNG plant and restores structural LNG exports from Egypt. Eni will market 50% of the LNG volumes, equivalent to 1.4 million tonnes per year, expanding its contracted LNG portfolio and supporting its strategic ambition to exceed 20 million tonnes per year by 2030.
Strategic Implications for Europe and Regional Gas Hub
The project is positioned as a key step in establishing a regional gas hub in the Eastern Mediterranean by leveraging Egypt's existing hydrocarbon infrastructure. Claudio Descalzi, CEO of Eni, said: "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."
Patrick Pouyanné, Chairman and CEO of TotalEnergies, added: "This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources. By relying on existing gas processing capacities, this project is aligned with our strategy of prioritising low-cost and low-emission projects."
Eni's Presence in Cyprus and Future Outlook
Eni has been present in Cyprus since 2013 and operates Block 8 in the country, with participating interests in Blocks 7 and 11, which are operated by TotalEnergies. The Cronos project represents a concrete step in fast-tracking Cypriot gas to market, and according to Splash247, it is an important milestone in the expansion of Eni's global LNG portfolio. The project will contribute to diversifying Europe's LNG supply sources, supporting energy security through a low-cost, low-emission development model.
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