Eni reaches final investment decision for Cyprus's Cronos gas field

Italian energy company Eni has officially announced a Final Investment Decision (FID) for the development of the Cronos natural gas field, located in Block 6 of the Cypriot Exclusive Economic Zone. This milestone represents a significant step toward the commercial exploitation of Cyprus’s offshore energy reserves.

The project involves developing a reservoir estimated to hold over 3 trillion cubic feet of natural gas. According to the development plan, the extracted gas will be transported and processed at the existing Zohr facilities in Egypt. Subsequently, it will be liquefied for export as LNG, primarily targeting international markets in Europe. The development is a joint effort in which Eni acts as the operator with a 50% stake, while the French company TotalEnergies serves as the project partner.

Production at the Cronos field is scheduled to commence in 2028, marking the first time a field within the Republic of Cyprus will reach the stage of commercial exploitation. This development follows years of stagnation regarding the country's energy exploration efforts. The commencement of production is expected to provide a new source of gas supply for European markets, effectively utilizing the energy potential that had previously remained untapped due to long-standing regional complexities.