Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field in deep waters offshore Cyprus, in the Mediterranean country’s first hydrocarbon development expected to bring first gas to market in 2028.
The Cronos project, operated by Eni with a 50% stake, with partner TotalEnergies holding the other 50%, will bring to production the gas volumes from the Cronos field, in Block 6, which holds more than 3 trillion cubic feet (Tcf) of gas initially in place (GIIP), the European majors said on Tuesday.
Production is expected to reach a plateau of around 500 million cubic feet per day (Mcf/d), equivalent to around 2.8 million tons of LNG per year (Mtpa).
The gas from Cronos will be transported and processed in existing Zohr facilities in Egypt, then transferred and liquefied in Egypt’s Damietta LNG plant for export to international markets, primarily Europe.
Cronos, discovered in 2022 and successfully appraised in 2024, is Eni’s first development in Cyprus and the country’s inaugural hydrocarbon project.
TotalEnergies and Eni will each market 50% of the LNG volumes for exports, boosting their LNG trade portfolios.
“Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure,” Eni’s chief executive Claudio Descalzi said.
Patrick Pouyanné, chairman and CEO of TotalEnergies, commented: “This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources.”
Cyprus and Greece have been vying to become gas hubs for increased supply to Europe as energy supermajors are expanding their presence in the eastern Mediterranean.
Last year, Exxon confirmed a sizable gas discovery offshore Cyprus, while earlier this year a Chevron-led consortium with Helleniq Energy signed the lease contracts for oil and gas exploration offshore Greece.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
- Oil Prices Extend Losses as U.S.-Iran Calm Holds for Another Night
- Saudi Crude Tanker Goes Dark to Slip Through Bab el-Mandeb
- Hormuz Tanker Crossings Sink to Lowest Level Since May as War Risk Spikes
