Eni accelerates on the Cronos project, the field located in deep waters offshore Cyprus. The final investment decision has been reached, the FID, with the aim of bringing the first Cypriot gas to the market in 2028. The project represents an important step for Eni’s energy strategy in the Eastern Mediterranean and for Cyprus’ role in the gas market. Cronos is located in Block 6 and contains over 85 billion cubic meters. Eni is the operator of Block 6 with a 50% share, in partnership with TotalEnergies. The final investment decision now opens the development phase of the field and lays the foundation for commercial production.
The new investment on the Cronos field
Cronos is Eni’s first development in Cyprus and also the first project in the hydrocarbon sector for the country. The field therefore has a double strategic value: on the one hand it strengthens Eni’s upstream portfolio, on the other it allows Cyprus to enter the production and export of natural gas. Production from the field is expected to reach a plateau of approximately 500 million standard cubic feet per day, equivalent to 14.1 million cubic meters.
The extracted gas will not be treated entirely with new dedicated infrastructure, but will use existing plants in Egypt. This approach allows us to reduce development times, contain costs and accelerate the arrival of gas on the markets.
The role of Egyptian infrastructure
The gas produced in Cyprus will be transported and treated at the Zohr facilities, the large Egyptian field already developed by Eni. It will subsequently be transferred to the Damietta liquefaction plant, where it will be transformed into LNG, liquefied natural gas. From Damietta the gas can be exported to international markets, in particular European ones.
The use of already operational infrastructures is a relevant industrial choice. It allows us to avoid the complete construction of new plants, reduces the environmental impact and allows a faster time to market compared to a totally autonomous development. Claudio Descalzi defined Cronos as a concrete step in the path that will lead Cyprus to become a European producer and exporter of natural gas.
According to Eni’s CEO, the project “paves the way for the creation of a regional gas hub in the Eastern Mediterranean”, leveraging existing energy infrastructure in Egypt. Descalzi also underlined the geopolitical value of the initiative, indicating it as “an example of international cooperation” and a contribution to the diversification and security of Europe’s gas supplies.
Because the field is important for Eni
For Eni, Cronos strengthens its presence in the Eastern Mediterranean and expands the portfolio of resources also available for the European market. The project enhances the group’s position in Cyprus, where Eni has been present since 2013. In addition to Block 6, the company operates Block 8 and holds stakes in Blocks 7 and 11, the latter operated by TotalEnergies. The start of the development of Cronos confirms a strategy based on regional cooperation, use of existing infrastructure and growth of the LNG portfolio. Liquefied natural gas is in fact one of the sectors on which Eni is focusing to increase the flexibility of supplies and reach different markets through maritime transport. Eni will market 50% of the LNG volumes produced, equivalent to approximately 1.4 million tonnes per year with the aim of exceeding 20 million tonnes of LNG per year by 2030.
