Cairo: Italian Eni and French TotalEnergies have reached the Final Investment Decision (FID) to develop the Cronos project in deep waters offshore Cyprus, with the target of bringing the first Cypriot gas to market in 2028.
According to State Information Service Egypt, the project 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). Production is expected to reach 500 million cubic feet per day (mmcf/d), equivalent to around 2.8 million tons per year (mmt/y) of liquefied natural gas (LNG).
Block 6 is operated by Eni, holding a 50% interest, with TotalEnergies as partner. Cronos gas field was discovered in 2022 and successfully appraised in 2024. The field will be developed through four subsea wells, and the produced gas will be transported and processed at existing Zohr facilities in Egypt, then transferred and liquefied at the Damietta LNG plant for export as LNG to international markets, primarily Europe.
Reflecting on the FID, Karim Badawi, Minister of Petroleum and Mineral Resources, remarked that the decision is an international endorsement of Egypt's strategy to leverage infrastructure and transform resources into shared economic value. He emphasized Egypt's vision to become a major energy hub in the Eastern Mediterranean and a reliable partner in supporting global energy security.
Eni CEO Claudio Descalzi noted that the Cronos fast-track initiative marks a significant milestone in establishing Cyprus as a European gas producer and exporter. He highlighted the importance of the project in unlocking the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt's existing hydrocarbon infrastructure, contributing to the diversification and security of Europe's gas supply.
According to TotalEnergies' statement, the Cronos project could enable the future development of additional resources located in Block 6, which will be appraised during upcoming campaigns. The FID follows commercial agreements signed in October 2025 between Egypt and the Cypriot side, including a Handling, Transportation and Processing Agreement (HTPA) and a tolling contract between the involved parties.