Energy Minister Michalis Damianos has described the decision by Eni and TotalEnergies to proceed with the development of the Cronos gas field as a historic milestone for Cyprus, following the consortium's announcement of a Final Investment Decision (FID) for the project in Block 6 of the Republic's Exclusive Economic Zone.
Speaking to the Cyprus News Agency (CNA), Damianos congratulated the two energy companies and said the decision marks a significant step forward in Cyprus' energy plans.
"This is a historic milestone for the Republic of Cyprus, as we are now entering the commercial exploitation of Cyprus' natural gas deposits," he said.
The minister noted that the field contains around three trillion cubic feet of natural gas and that production will be linked to Egypt's existing infrastructure through the Zohr field and the Damietta LNG plant.
First gas expected in 2028
Damianos said the investment decision clears the way for full-scale development of the field.
"The final investment decision means that the consortium is now proceeding with the development of the deposit. This is particularly welcome news because it means that, during the first half of 2028, as previously indicated, we expect to receive the first natural gas from Cronos," he said.
Boost for Cyprus' energy strategy
According to the minister, the development reinforces the Republic of Cyprus' long-standing strategy of monetising its offshore hydrocarbon resources in cooperation with international energy partners.
"This development confirms the energy policy of the Republic of Cyprus to utilise its own hydrocarbons, always on the basis of the reliability of our partners and the companies that hold rights within our Exclusive Economic Zone," he said.
Strategic significance for the Eastern Mediterranean
In a statement, the Ministry of Energy, Commerce and Industry said the use of existing regional infrastructure would allow the project to be developed more quickly and at lower cost, while also reducing its environmental footprint.
The ministry added that the Cronos project highlights the strategic importance of the Eastern Mediterranean as an emerging energy hub and contributes to broader efforts to diversify gas supply routes and strengthen Europe's energy security.
The ministry also acknowledged the role played by Eni and TotalEnergies in advancing the project and said it would continue working closely with licensed operators and other stakeholders to ensure the timely and effective development of Cyprus' energy resources for the benefit of the country and its citizens.
Source: CNA
