Italian Eni and French TotalEnergies have reached the Final Investment Decision (FID) to develop the Cronos project in deep waters offshore Cyprus, with the target of bringing the first Cypriot gas to market in 2028, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

The project will bring to production the gas volumes from the Cronos field, in Block 6, which holds more than 3 trillion cubic feet (tcf) of gas initially in place (GIIP). Production is expected to reach 500 million cubic feet per day (mmcf/d), equivalent to around 2.8 million tons per year (mmt/y) of liquefied natural gas (LNG).

Block 6 is operated by Eni, holding a 50% interest, with TotalEnergies as partner. Cronos gas field was discovered in 2022 and successfully appraised in 2024.

The field will be developed through four subsea wells, and the produced gas will be transported and processed at existing Zohr facilities in Egypt, then transferred and liquefied at the Damietta LNG plant for export as LNG to international markets, primarily Europe.

Reflecting on the FID, Karim Badawi, Minister of Petroleum and Mineral Resources, said: “The Cronos project’s final investment decision is not merely a step toward gas field development, but an international endorsement of Egypt’s strategy to leverage infrastructure and transform resources into shared economic value. What we are witnessing today is a practical translation of the state’s vision to make Egypt a major energy hub in the Eastern Mediterranean and a reliable partner in supporting global energy security.”

Eni CEO Claudio Descalzi commented: “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. It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply.”

According to TotalEnergies’ statement, the Cronos project could enable, in the future, the development of additional resources located in Block 6, which will be appraised during upcoming campaigns.

The FID follows commercial agreements signed in October 2025 between Egypt and the Cypriot side. One included a Handling, Transportation and Processing Agreement (HTPA) between Eni TotalEnergies, the Egyptian Natural Gas Holding Company (EGAS), IEOC (Eni’s Egypt subsidiary), and Petrobel, as well as a tolling contract (an agreement under which a company pays a fixed fee to use another party’s facilities) between Eni, TotalEnergies, and the Damietta LNG export facility, and a tariff agreement between the Block 6 partners and Egypt’s Ministry of Petroleum and Mineral Resources (MoPMR).