Eni has reached the Final Investment Decision (FID) for the development of the Cronos project, located in deep waters offshore Cyprus, with the aim of bringing the first Cypriot gas to market in 2028. The project, operated by Eni, will enable the production of resources from the Cronos field, located in Block 6, which contains over 3 Tcf of gas initially in place. Production is expected to reach a plateau of approximately 500 million standard cubic feet per day. The gas will be transported and processed at the existing Zohr infrastructure in Egypt, before being transferred and liquefied at the Damietta LNG plant and exported as liquefied natural gas to international markets, primarily in Europe.
"The Cronos initiative represents an accelerated and concrete milestone on the path that will lead Cyprus to become a European natural gas producer and exporter, and paves the way for the creation of a regional gas hub in the Eastern Mediterranean, leveraging existing energy infrastructure in Egypt," said Eni CEO Claudio Descalzi. "The project is also an example of international cooperation and provides a tangible contribution to the diversification and security of Europe's gas supplies," he added.
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