On Tuesday, Eni announced that it has reached the Final Investment Decision (FID) for the development of the Cronos gas field in Cyprus’s Exclusive Economic Zone (EEZ), aiming to bring the country’s first natural gas to market in 2028.
According to a press release, the Eni-operated project will extract natural gas from the Cronos field in Block 6, which holds over 3 trillion cubic feet (Tcf) of gas-in-place (GIIP).
Key Highlights of the Cronos Field Approval
Targeted production is expected to reach 500 million standard cubic feet per day (mmscf/d)—equivalent to roughly 5.16 billion cubic meters per year. While smaller than supergiant regional fields like Egypt’s Zohr (~3,000 mmscf/d) or Israel’s Leviathan (~1,200 mmscf/d), the output marks a major commercial milestone: it represents Cyprus’s first-ever offshore gas production and will add approximately 2.8 million tonnes of LNG annually to international markets, roughly 2.5% to 3% of Europe’s yearly LNG imports.
The gas will be transported and processed at the existing Zohr facilities in Egypt, then sent for liquefaction at the Damietta LNG plant to be exported to international markets, primarily Europe.
Strategic Impact on European Energy Security
Eni CEO Claudio Descalzi stated that this development marks a key milestone in positioning Cyprus as a European gas producer and exporter. He noted that it paves the way for a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing infrastructure.
Descalzi added that the project represents an example of international cooperation and a concrete contribution to Europe’s energy security and diversification of gas supplies.
Cronos is Eni’s first development project in Cyprus, as well as the country’s pioneer hydrocarbon project.
“It serves as a successful example of an integrated approach that leverages synergies between new and existing infrastructure in a single project, enabling significant cost efficiency, a minimized environmental footprint, and a faster time-to-market,” the company stated.
The company added that Cronos “enables the restart of the Damietta LNG plant, will restore structural LNG exports from Egypt, and represents a major milestone in expanding Eni’s global LNG portfolio.”
Related: Ionian Sea Gas: Greece’s Energy Dream or Environmental Nightmare?
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