Eni FID for Cronos gas development off Cyprus
- FID taken to develop Cronos deepwater field off Cyprus with first gas targeted for 2028.
- Cronos (Block 6) contains more than 3 Tcf of gas initially in place and is expected to plateau at 500 mmscf/d.
- Gas will be processed at Zohr and liquefied at Damietta LNG for export, primarily to Europe; Damietta restart is enabled by the project.
- Eni will market 50% of the LNG from Cronos (equivalent to 1.4 MTPA); contractual agreements secure use of Egyptian infrastructure.
Decision and context
Eni has reached the Final Investment Decision to develop the Cronos project in deep waters offshore Cyprus, targeting first Cypriot gas to market in 2028. Cronos is Eni’s first development in Cyprus and the country’s inaugural hydrocarbon project.
Reserves and production
Cronos, in Block 6, holds more than 3 trillion cubic feet (Tcf) of gas initially in place (GIIP). Production is expected to reach a plateau of 500 million standard cubic feet per day (mmscf/d).
Transport, processing and exports
Gas will be transported and processed using existing Zohr facilities in Egypt, then transferred and liquefied at the Damietta LNG plant for export as liquefied natural gas (LNG), primarily to European markets. The project will enable the restart of the Damietta plant and the restoration of structural LNG exports from Egypt.
Commercial and contractual framework
Contractual agreements establish terms for use of Egypt’s infrastructure and for LNG commercialization to support timely project execution. Eni operates Block 6 with a 50% interest alongside TotalEnergies; Eni also operates Block 8 and holds participating interests in Blocks 7 and 11. Through marketing 50% of the LNG volumes (equivalent to 1.4 MTPA), Eni increases its contracted LNG portfolio.
Source: Eni