Eni takes FID on Cronos, Cyprus' first gas development project
Eni SPA reached a final investment decision (FID) to develop the Cronos project in Block 6 in deepwater offshore Cyprus, with the target to bring the first Cypriot gas to market in 2028.
Cronos will be developed through four subsea wells, partner TotalEnergies said. Production is expected to reach a plateau of 500 MMcfd—equivalent to around 2.8 million tonnes/year of LNG—50% of which will be marketed by TotalEnergies.
Gas will be transported via subsea pipeline and processed in existing Zohr installations in Egypt, then transferred and liquefied in the Damietta LNG plant for export as LNG to international markets, mostly in the European Union.
Cronos, which lies about 185 km southwest of the coast, is Eni’s first development in Cyprus and the country’s inaugural hydrocarbon project. It also enables the restart of the Damietta LNG plant.
"Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter, and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure," said Eni chief executive officer Claudio Descalzi.
Cronos gas in place is estimated at more than 3 tcf. Additional potential resources in Block 6 are under exploration and appraisal, including the 2022 Zeus discovery.
"[Cronos] is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply," Descalzi added.
Eni (50%) operates Block 6. TotalEnergies holds the remaining (50%).