France’s LNG player TotalEnergies and energy company Eni, partners in Cyprus offshore Block 6, have taken the final investment decision for the development of the Cronos gas field, discovered in 2022 and successfully appraised in 2024, TotalEnergies said on Tuesday.
Located in deep offshore waters approximately 185 km southwest of the coast of Cyprus, Cronos will be developed through four subsea wells.
The gas will be transported and processed in existing Zohr facilities, in Egypt, then transferred and liquefied in Damietta LNG plant for export as LNG to international markets, primarily Europe.
Production start-up is expected in 2028, with a plateau of around 500 million cubic feet per day, equivalent to around 2.8 million tons of LNG per year (Mtpa), 50% of which will be marketed by TotalEnergies.
Eni has been present in Cyprus since 2013. Block 6 is operated by Eni holding 50% interest, with TotalEnergies as partner. In the country, Eni also operates Block 8 and has participating interests in Blocks 7 and 11, operated by TotalEnergies.
Cronos is Eni’s first development in Cyprus, the company said, and the country’s inaugural hydrocarbon project. Cronos enables the restart of the Damietta LNG plant, will restore structural LNG exports from Egypt and represents an important milestone in the expansion of Eni’s global LNG portfolio.
By marketing 50% of the LNG volumes, equivalent to 1.4 Mtpa, Eni will increase its contracted LNG portfolio, supporting its strategic ambition to exceed 20 Mtpa by 2030.
“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,” said Claudio Descalzi, Eni CEO.
“This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources,” added Patrick Pouyanné, chairman and chief executive officer of TotalEnergies.
