Key facts
- Eni and TotalEnergies will jointly develop the Cronos gas field in Cyprus.
- The project is Cyprus's first hydrocarbon development, with first gas expected in 2028.
- The Cronos field contains over 3 Tcf of gas initially in place.
- Production is anticipated to plateau at approximately 500 million cubic feet per day.
- Gas will be processed in Egypt and exported as LNG, primarily to Europe.
Eni and TotalEnergies have reached a final investment decision to develop the Cronos gas field, located offshore Cyprus. This marks the Mediterranean nation's inaugural hydrocarbon development project, with the partners each holding a 50% stake. The Cronos field is estimated to contain over 3 trillion cubic feet of gas initially in place, with production expected to plateau at around 500 million cubic feet per day.
The produced gas will be transported to existing facilities in Egypt for processing and liquefaction at the Damietta LNG plant, enabling exports to international markets, particularly Europe. The project, which saw its discovery in 2022 and appraisal in 2024, is Eni's first development in Cyprus and is anticipated to deliver its first gas by 2028.
Both Eni and TotalEnergies will share in marketing the LNG volumes for export, enhancing their respective LNG trade portfolios. Eni's CEO, Claudio Descalzi, highlighted the project's significance in positioning Cyprus as a European gas producer and exporter, potentially establishing a regional gas hub in the Eastern Mediterranean by utilizing Egypt's existing infrastructure. Patrick Pouyanné, Chairman and CEO of TotalEnergies, emphasized that this new gas supply route will contribute to Europe's energy security through diversification.