Eni and TotalEnergies approve development of Cronos gas field in Cyprus

On July 28, 2026, the energy consortium consisting of Eni and TotalEnergies officially announced the Final Investment Decision (FID) for the development of the 'Cronos' natural gas field, located in block 6 of the Cyprus Exclusive Economic Zone. This project marks the first instance of a Cypriot hydrocarbon discovery transitioning into commercial development. The field, situated approximately 185 kilometers offshore in deep water, is estimated to hold over 3 trillion cubic feet of gas initially in place. Plans entail drilling four subsea wells to reach a target production capacity of 500 million cubic feet per day by 2028.

The extracted gas will be transported to Egypt, where it will be processed through existing facilities at the Zohr field. Subsequently, the gas will be liquefied at the Damietta LNG terminal for export to international markets, with a primary focus on Europe. Company executives and the Cypriot government stated that this infrastructure project establishes Cyprus as a regional energy hub and contributes to European supply security.

The development schedule aims to deliver the first quantities of Cypriot natural gas to the global market within the first half of 2028. Following the FID announcement, the consortium will begin the construction of the necessary subsea infrastructure and pipelines, marking a significant milestone in the country's energy strategy after fifteen years of exploration efforts.