Eni and TotalEnergies Reach FID on Cyprus' Cronos Gas Development

Eni and TotalEnergies have reached a final investment decision to develop the Cronos gas field offshore Cyprus. This marks the country's first natural gas project, establishing a new LNG export route from the Eastern Mediterranean to European markets.

The deepwater Cronos field contains more than 3 Tcf of gas initially in place. Production is expected to reach a plateau of approximately 500 MMcfd after development. The project will leverage existing infrastructure in Egypt to reduce costs, accelerate first gas, and lower the project's environmental footprint.

Cronos' fast-track initiative positions Cyprus as a European gas producer and exporter, unlocking the establishment of a regional gas hub in the Eastern Mediterranean. Commercial agreements provide the framework for project execution. Production is scheduled to begin in 2028.