Cronos gas field FID Cyprus

Eni and TotalEnergies have taken a final investment decision (FID) to develop the Cronos gas field offshore Cyprus, marking the country's first gas project. The field, located in Block 6, holds more than 3 trillion cubic feet of gas initially in place. Production is expected to start in 2028, reaching a plateau of 500 million cubic feet per day (about 2.8 million tonnes per annum of LNG). Gas will be transported via subsea pipeline to Egypt, processed at the Zohr field facilities, and liquefied at the Damietta LNG Terminal for export primarily to Europe. The project leverages existing Egyptian infrastructure for cost and carbon efficiency. TotalEnergies will market 50% of the LNG output. The FID follows a Host Government Agreement signed in February 2025 and the signing of commercial and contractual agreements covering gas transportation, liquefaction, and sales. The project supports the establishment of a regional gas hub in the Eastern Mediterranean and contributes to Europe's energy security by diversifying LNG supply sources.