Cronos Gas Project Marks Milestone for Cyprus Energy Sector
Cyprus is on the verge of developing its first-ever gas field, thanks to Eni and TotalEnergies' final investment decision on the Cronos project.
The two energy giants plan to drill four subsea wells to extract an estimated three trillion cubic feet of gas from the Cronos field, which sits 185 kilometers southwest of the Cypriot coast.
Cronos is expected to come into production by 2028 and will supply around 500 million cubic feet of gas per day at full capacity. Eni and TotalEnergies intend to market the liquefied natural gas (LNG) to European buyers, with Eni taking half of the resulting volumes.
The project marks a significant milestone for Cyprus, which has relied on importing fuel from its Mediterranean neighbors for decades. The country's breakaway Turkish Republic has complicated matters, claiming equal rights to the subsea reserves and objecting to Cypriot drilling in the past.