Eni and TotalEnergies have taken the Final Investment Decision (FID) for the development of the Cronos gas field in Block 6 of Cyprus' Exclusive Economic Zone, marking the first time a Cypriot offshore gas discovery has progressed from exploration to full commercial development.
The decision clears the way for production to begin in 2028, with gas destined for export as liquefied natural gas (LNG), primarily to European markets.
The announcement represents a major milestone for Cyprus' energy sector, following years of exploration activity and multiple offshore discoveries that had yet to reach the development stage.
Industry leaders hail milestone
Eni Chief Executive Claudio Descalzi said the project would help establish Cyprus as a gas-producing and exporting country while strengthening regional energy cooperation.
“The Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt's existing hydrocarbon infrastructure.”
He added that the project would contribute to the diversification and security of Europe's gas supplies.
Patrick Pouyanné, Chairman and Chief Executive of TotalEnergies, said the development would support the emergence of a new Eastern Mediterranean gas corridor.
“As Cyprus' first gas development project, Cronos will support the development of a new regional gas hub in the Eastern Mediterranean, leveraging Egypt's infrastructure.”
He said the project aligns with TotalEnergies' strategy of prioritising low-cost, lower-emission developments by using existing processing infrastructure.
The field
Cronos is located in Block 6, where Eni operates the licence with a 50% stake, alongside TotalEnergies, which owns the remaining 50%.
According to Eni, the field contains more than 3 trillion cubic feet (Tcf) of gas initially in place.
The development plan envisages production reaching a plateau of approximately 500 million cubic feet per day, equivalent to around 2.8 million tonnes of LNG annually.
Gas from Cronos will be transported via a subsea pipeline to Egypt, where it will be processed through existing facilities linked to the Zohr field before being liquefied at the Damietta LNG terminal and exported to international markets.
The use of existing Egyptian infrastructure is expected to reduce development costs and accelerate the project's commercialisation.
Strategic significance
The FID confirms an outcome that had been widely anticipated in recent days following the completion of commercial and governmental agreements required for the project.
The development is widely regarded as a landmark step towards the commercial exploitation of Cyprus' offshore gas resources and could pave the way for future developments in Block 6 and elsewhere in the country's Exclusive Economic Zone.
‘Historic milestone’
Energy Minister Michalis Damianos described the decision as a historic milestone for the Republic of Cyprus.
“This is a historic milestone for the Republic of Cyprus as we are now entering the commercial exploitation of Cyprus' natural gas deposits.”
Damianos said the decision means the consortium will now move ahead with full-scale development of the field, with first gas expected during the first half of 2028.
