Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas project in deep waters offshore Cyprus, targeting first gas to market in 2028, Egypt’s Ministry of Petroleum and Mineral Resources announced.

The project will bring online gas from the Cronos field in Block 6, which holds more than 3 trillion cubic feet of gas initially in place. Production is expected to reach 500 million cubic feet per day, equivalent to roughly 2.8 million tonnes a year of liquefied natural gas. Eni operates Block 6 with a 50% interest alongside partner TotalEnergies; the field was discovered in 2022 and appraised in 2024.

Gas from four subsea wells will be transported to Egypt’s existing Zohr facilities for processing, then piped to the Damietta LNG plant for liquefaction and export, primarily to Europe. Petroleum Minister Karim Badawi called the decision an international endorsement of Egypt’s strategy to turn its existing infrastructure into a regional gas hub, while Eni chief executive Claudio Descalzi said the project positions Cyprus as a European gas producer and strengthens the Eastern Mediterranean’s role in diversifying Europe’s gas supply.

The FID follows commercial agreements signed in October 2025 covering gas handling, transportation and processing between Eni, TotalEnergies, Egypt’s EGAS, IEOC and Petrobel, along with a tolling contract for use of the Damietta terminal. TotalEnergies said Cronos could pave the way for developing further resources elsewhere in Block 6, which will be appraised in future campaigns.

Source: egyptoil-gas.com