Eni Commits to Cyprus Gas Project with 2028 Production Target
Italian energy giant Eni has made a final investment decision (FID) to develop the Cronos project, a deepwater gas field located offshore Cyprus. The project aims to bring the first Cypriot gas to market in 2028.
The Cronos field, situated in Block 6, holds an estimated 3 trillion cubic feet of initially in place gas reserves. Production is expected to reach a plateau of 500 million standard cubic feet per day. The gas will be transported and processed at Eni's existing Zohr facilities in Egypt before being liquefied and exported as LNG primarily to European markets.
Cronos is Eni's first development project in Cyprus, marking a significant milestone for the country's hydrocarbon industry. According to Eni CEO Claudio Descalzi, the project demonstrates international cooperation and contributes to Europe's diversification and security of gas supply.