Eni Speeds Up Cyprus Gas Project for 2028 First Gas

Italian energy giant Eni has accelerated its Cronos project in Cyprus, aiming to produce the first gas by 2028. The company and its partner TotalEnergies have taken a final investment decision (FID) on the project.

Cronos, discovered in 2022 and successfully appraised in 2024, is located approximately 185 km southwest of Cyprus' coast. It will be developed through four subsea wells, with gas transported to Egypt for processing and liquefaction at the Damietta LNG terminal before being exported to Europe.

The field holds over 3 trillion cubic feet of gas initially in place, with production expected to reach a plateau of 500 million standard cubic feet per day. By marketing 50% of the LNG volumes, Eni will expand its contracted LNG portfolio and support its goal of exceeding 20 million tonnes per year by 2030.

Eni CEO Claudio Descalzi said that Cronos marks 'a concrete milestone in positioning Cyprus as a European gas producer and exporter,' while TotalEnergies' Patrick Pouyanné added that the project will contribute to Europe's energy security by diversifying LNG supply sources.