Eni accelerates Cyprus gas project for first output in 2028
Key Takeaways
- •Cronos is located about 185 km southwest of Cyprus in deep offshore waters and was discovered in 2022, then appraised in 2024.
- •Eni and TotalEnergies have approved development of the field, with first gas expected in 2028.
- •The project will use four subsea wells and is expected to reach peak production of 500 million standard cubic feet of gas per day.
- •Cronos is estimated to contain more than 3 trillion cubic feet of gas initially in place.
- •Gas from Cronos will be processed in Egypt through Zohr and Damietta, with Eni marketing 50% of the LNG volumes, equal to 1.4 million tonnes per year.
Italian major Eni is moving ahead with its Cronos project offshore Cyprus, with first gas expected in 2028.
Eni and partner TotalEnergies have taken the final investment decision to develop the Cronos gas field, which was discovered in 2022 and successfully appraised in 2024.
The field lies in deep offshore waters about 185 km southwest of Cyprus. It will be developed through four subsea wells. Gas from Cronos will be transported and processed through the existing Zohr facilities in Egypt, then liquefied at the Damietta LNG terminal before being exported to Europe.
Cronos is estimated to hold more than 3 trillion cubic feet of gas initially in place. Production is expected to reach a plateau of 500 million standard cubic feet of gas per day.
The project is Eni’s first development in Cyprus and the country’s first hydrocarbon project. It also supports the restart of the Damietta LNG plant, restores structural LNG exports from Egypt, and marks another step in the expansion of Eni’s global LNG portfolio. By tying new offshore supply to existing Egyptian infrastructure, the project reflects a broader Eastern Mediterranean gas model that relies on regional processing capacity rather than building an entirely new export chain.
By marketing 50% of the LNG volumes, equivalent to 1.4 million tonnes per year, Eni said it will expand its contracted LNG portfolio and support its strategic aim of exceeding 20 million tonnes per year by 2030.
“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 Claudio Descalzi, Eni CEO.
“This new gas route in the Mediterranean will contribute to Europe’s energy security by diversifying its LNG supply sources. By relying on existing gas processing capacities, this project is aligned with our strategy of prioritising low-cost and low-emission projects,” added Patrick Pouyanné, chairman and CEO of TotalEnergies.
Eni has been present in Cyprus since 2013. In the country, the company also operates Block 8 and holds participating interests in Blocks 7 and 11, which are operated by TotalEnergies.