Eni Gives Go-Ahead to Cyprus's First-Ever Gas Development
Italian energy company Eni has given the final go-ahead to develop the Cronos gas field off the coast of Cyprus. The project aims to bring Cyprus's first gas to market in 2028, with production expected to reach 500 million standard cubic feet of gas per day.
The Cronos field is estimated to hold more than 3 trillion cubic feet of gas and will be sent to Egypt for processing at Eni's existing Zohr gas facilities. The liquefied natural gas (LNG) produced will then be exported, mainly to European markets.
Eni CEO Claudio Descalzi said the project 'marks a concrete milestone in positioning Cyprus as a European gas producer and exporter.' He added that it will also help restart the Damietta LNG plant and bring back Egypt's role as a steady LNG exporter.