Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field in deep waters offshore Cyprus, marking the Mediterranean country’s first hydrocarbon development and a project expected to deliver first gas to market in 2028.

The Cronos project is operated by Eni, which holds a 50% stake, while TotalEnergies owns the remaining 50%. The development will produce gas from the Cronos field in Block 6, which contains more than 3 trillion cubic feet (Tcf) of gas initially in place (GIIP), the European majors said on Tuesday.

Production is expected to reach a plateau of around 500 million cubic feet per day (Mcf/d), equivalent to about 2.8 million tons of LNG per year (Mtpa).

Gas from Cronos will be transported and processed through existing Zohr facilities in Egypt before being transferred to Egypt’s Damietta LNG plant for liquefaction and export to international markets, primarily Europe. Using established infrastructure shortens the route to market and ties the project into a broader Eastern Mediterranean gas chain already connected to Egypt’s export system.

Cronos was discovered in 2022 and successfully appraised in 2024. It is Eni’s first development in Cyprus and the country’s inaugural hydrocarbon project.

TotalEnergies and Eni will each market 50% of the LNG volumes for export, adding to their LNG trading portfolios.

“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,” Eni chief executive Claudio Descalzi said.

Patrick Pouyanné, chairman and CEO of TotalEnergies, said: “This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources.”

Cyprus and Greece have been competing to establish themselves as gas hubs to help increase supply to Europe, while energy majors continue to expand their presence in the eastern Mediterranean. The latest decision underscores how regional developments are increasingly being linked to Egypt’s processing and liquefaction capacity, which remains central to turning offshore discoveries into export volumes.

Last year, Exxon confirmed a significant gas discovery offshore Cyprus. Earlier this year, a Chevron-led consortium with Helleniq Energy signed lease contracts for oil and gas exploration offshore Greece.

By Tsvetana Paraskova for Oilprice.com