The Italian company Eni has made a final investment decision to develop the deepwater Cronos field off the coast of Cyprus. The first Cypriot gas is expected to reach the market in 2028.

Main Project Features

The Cronos field, located in Block 6, contains more than 3 trillion cubic feet of gas. Peak production is projected to reach 500 million cubic feet per day.

The extracted gas will be transported and processed at the existing Zohr facilities in Egypt, after which it will be used as feedstock at the Damietta LNG plant for export to international markets, primarily Europe.

Technological Infrastructure

The development of Cronos will utilize a floating control unit (FCU) manufactured by China Merchants Heavy Industry. Subsea connection to the Zohr field will be provided via a new pipeline currently under construction.

Project History and Significance

The Cronos field was discovered by Eni in 2022 after drilling the Cronos-1 exploration well at a depth of over 2,200 meters. This is Eni’s first project in Cyprus and will enable the restart of the Damietta LNG plant, restore Egypt’s structural LNG exports, and expand the company’s global LNG portfolio.

Economic Indicators and Partnership

Eni plans to market 50% of the LNG volumes, equivalent to 1.4 million tons per year, supporting its strategic goal of exceeding 20 million tons annually by 2030. The sole project partner is the French company TotalEnergies, which will market its share of approximately 2.8 million tons of LNG per year from the Cronos field.

Future Development Prospects

The project allows for the potential development of additional resources in Block 6, which will be evaluated during future exploration campaigns.

Agreements and Management

In February 2025, an agreement was signed with the government defining the terms for using Egypt’s existing infrastructure, including the Zohr facilities and the Damietta LNG plant, as well as LNG commercialization. This laid the foundation for the timely implementation of the project.

Eni operates Block 6 with a 50% stake in partnership with TotalEnergies.

Regional Significance

The Cronos project is Cyprus’s first hydrocarbon development and an example of an integrated approach that leverages synergies between new and existing infrastructure. This approach reduces costs, minimizes environmental impact, and accelerates market entry.

The accelerated launch of Cronos helps position Cyprus as a European gas producer and exporter, and creates the basis for establishing a regional gas hub in the Eastern Mediterranean by utilizing Egypt’s infrastructure. The project also contributes to the diversification and security of Europe’s gas supply.