Eni Secures FID for Cronos Project, Aims to Bring Cypriot Gas to Market by 2028

Eni has taken a major step forward in its offshore operations by reaching a final investment decision (FID) for the Cronos project, located off the coast of Cyprus. The project aims to bring the first Cypriot gas to market as early as 2028.

The Cronos field, situated in Block 6, is estimated to hold more than 3 trillion cubic feet of gas initially in place (GIIP). Production is expected to reach a plateau of 500 million cubic feet per day. The gas will be transported and processed at existing Zohr facilities in Egypt before being liquefied at the Damietta LNG plant for export primarily to European markets.

Eni's CEO, Claudio Descalzi, emphasized the significance of this project, stating that it marks a 'concrete milestone' in positioning Cyprus as a European gas producer and exporter. He also highlighted the importance of international cooperation and the contribution to Europe's gas supply diversification and security.