Eni and TotalEnergies approve development of the Cronos gas field
On July 28, 2026, the energy consortium led by Italy’s Eni and France’s TotalEnergies officially announced the Final Investment Decision (FID) for the development of the Cronos natural gas field, located in Block 6 of Cyprus's Exclusive Economic Zone. This project marks the first commercial exploitation of hydrocarbons in the history of the Republic of Cyprus. The field contains an estimated 3 trillion cubic feet of gas in place, with production capacity projected to reach 500 million cubic feet per day.
The development plan involves transporting extracted gas to Egypt, where it will be processed at the existing Zohr facilities. Following processing, the gas will be liquefied at the Damietta LNG plant for export to international markets, with a primary focus on Europe. This "fast-track" initiative is expected to facilitate the first flow of Cypriot gas to the market by the first half of 2028, positioning Cyprus as an emerging energy contributor in the Eastern Mediterranean.
Following years of exploration efforts, this decision represents a shift from planning to physical implementation. Cypriot government officials, including Energy Minister Michalis Damianos, have characterized the milestone as historic, emphasizing its role in securing energy diversification and fostering regional cooperation, despite the project's relatively small contribution to Europe’s total gas imports.