Cronos Project: Eni and TotalEnergies Unveil First Gas Field Development in Cyprus

Eni and TotalEnergies have made a final investment decision to develop Cyprus' first gas field, Cronos. Production is expected to start by 2028.

The project will use existing Egyptian infrastructure to transport the gas from the Cypriot coast to Egypt's Zohr field for processing. From there, it will be liquefied at the Damietta LNG terminal and shipped to European buyers.

Cyprus has no history of hydrocarbon production and has relied on imports from Greece, Italy, and Israel. The discovery of gas in the Cronos field could make Cyprus an international exporter for the first time.

The project is expected to have a significant impact on the Cypriot economy, with revenue streams including royalties, taxation, and potential participation agreements with the Cypriot government.