Commodities
Cronos Gas Field Development Boosts Cyprus' Energy Ambitions
Cyprus has taken a significant step towards becoming a major player in the global energy market after Eni and TotalEnergies announced their final investment decision (FID) to develop the Cronos gas field.
The Cronos discovery, made in 2022, is expected to produce around 500 million cubic feet of gas per day, with volumes set to flow subsea for processing and liquefaction in Egypt.
Eni plans to use existing infrastructure at its Zohr field offshore Egypt for processing and then pipe the volumes on to its Damietta liquefaction plant on Egypt's Mediterranean Coast for export as LNG to international markets, primarily Europe.