Cyprus Launches First Gas Project with Eni and TotalEnergies Backing
Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field in deep waters offshore Cyprus, marking the Mediterranean country's first hydrocarbon development. The Cronos field, located in Block 6, holds more than 3 trillion cubic feet of gas initially in place. Production is expected to reach a plateau of around 500 million cubic feet per day, equivalent to about 2.8 million tons of LNG per year. First gas is targeted for 2028. The gas will be transported and processed at existing Zohr facilities in Egypt, then liquefied at Egypt's Damietta LNG plant for export to international markets, primarily Europe. Eni operates the project with a 50% stake, while TotalEnergies holds the other 50%. Both companies will market their respective shares of LNG. The project positions Cyprus as an emerging European gas producer and supports the establishment of a regional gas hub in the Eastern Mediterranean.
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