Eni announced on Tuesday morning that it has reached the Final Investment Decision (FID) for the development of the Cronos field, in the EEZ of Cyprus, with the aim of placing the first Cypriot natural gas on the market in 2028.
According to ENI's official announcement, the project will develop the Cronos field, in block 6, which is estimated to have more than 3 trillion cubic feet of natural gas (GIIP). Production is expected to reach 500 500 million cubic feet per day. The natural gas will be transported and processed at the existing Zohr facility, in Egypt, and then transported and liquefied at the Damietta LNG plant for export as LNG to international markets, mainly in Europe.
Eni's CEO, Claudio Descalzi, commented: "Cronos' rapid implementation initiative marks a concrete milestone in Cyprus' positioning as a European producer and exporter of natural gas and unlocks the creation of a regional gas hub in the Eastern Mediterranean, leveraging Egypt's existing hydrocarbon infrastructure. In addition, it is an example of international cooperation and a tangible contribution to the diversification and security of Europe's gas supply."
Cronos is Eni's first project in Cyprus and the country's first hydrocarbon project to proceed with exploitation and commercialization. According to the Italian giant, Cronos allows the restart of Damietta's gas liquefaction plant in Egypt and is an important milestone in the expansion of Eni's global LNG portfolio.
Eni has been present in Cyprus since 2013. Block 6 is operated by Eni with a 50% stake, with TotalEnergies as a partner. In the country, Eni also operates block 8 and has holdings in blocks 7 and 11, which are operated by TotalEnergies.
