Energy companies Eni and TotalEnergies have approved the development of the Cronos gas field offshore Cyprus, marking the first final investment decision for a Cypriot gas project and paving the way for production to begin in 2028.
The two companies announced on Tuesday that they had taken the Final Investment Decision (FID) for the field, located in Block 6 of Cyprus' exclusive economic zone.
Cronos was discovered in 2022 and further appraised in 2024. According to Eni, the field contains more than 3 trillion cubic feet of gas initially in place.
First gas targeted for 2028
Located in deep waters approximately 185 kilometres southwest of Cyprus, the project will be developed through four subsea wells.
Under the development plan, gas produced at Cronos will be transported via a subsea pipeline to Egypt, where it will be processed using existing facilities associated with the Zohr gas field before being liquefied at the Damietta LNG terminal for export to international markets.
The partners expect production to start in 2028, reaching a plateau of 500 million standard cubic feet per day, equivalent to approximately 2.8 million tonnes of LNG annually.
Existing Egyptian infrastructure to be used
The project will rely heavily on existing infrastructure in Egypt rather than the construction of new processing facilities, a strategy the companies say will accelerate development and reduce costs.
The contractual agreements governing the project cover:
- Use of the Zohr offshore processing facilities;
- Transportation of gas through Egypt;
- Liquefaction at the Damietta LNG plant;
- Commercialisation and export of LNG.
The framework follows a host government agreement signed by Cyprus, Egypt, Eni and TotalEnergies in February 2025.
Focus on European LNG markets
The LNG produced from Cronos is expected to be exported primarily to international markets, including Europe.
Under the project arrangements, TotalEnergies will market 50% of LNG output, equivalent to approximately 1.4 million tonnes per annum.
Eni said the development would contribute to the expansion of its LNG portfolio and support its target of exceeding 20 million tonnes per annum of contracted LNG by 2030.
TotalEnergies said the project would also contribute to the growth of its global LNG business, which it expects to reach 60 million tonnes annually by 2030.
Regional significance
In a statement, Eni Chief Executive Claudio Descalzi said the project would position Cyprus as a gas producer and exporter while strengthening energy cooperation in the Eastern Mediterranean.
TotalEnergies Chairman and Chief Executive Patrick Pouyanné said the project could help establish a regional gas hub by leveraging existing Egyptian infrastructure and provide an additional LNG supply route into Europe.
The companies also indicated that Cronos could facilitate the future development of additional gas resources in Block 6, which are expected to be assessed during future exploration and appraisal programmes.
Eni has operated in Cyprus since 2013 and holds a 50% stake in Block 6, with TotalEnergies owning the remaining 50%. The two companies also hold interests in several other offshore blocks around Cyprus.
