Eni Cracks FID on Cronos Project Offshore Cyprus, Aims for 2028 Gas Delivery

Eni has reached the Final Investment Decision (FID) to develop the Cronos project, located in deep waters offshore Cyprus. This decision marks a significant milestone for the country's hydrocarbon industry and positions Cyprus as a European gas producer and exporter.

The project aims to bring first Cypriot gas to market in 2028 and will tap into the Cronos field, which holds more than 3 Tcf of gas initially in place. Production is expected to reach a plateau of 500 mmscf/d, with gas being transported and processed in existing Zohr facilities in Egypt.

The gas will then be transferred and liquefied in Damietta LNG plant for export as LNG to international markets, primarily Europe. Eni CEO Claudio Descalzi commented that the Cronos project represents a 'concrete milestone' in positioning Cyprus as a European gas producer and exporter.