TotalEnergies and Eni have approved the first commercial development of offshore natural gas in Cyprus, advancing a project that is expected to supply LNG to international markets from 2028.
The partners announced a final investment decision (FID) for the Cronos gas field in Block 6 offshore Cyprus. The project will produce natural gas for processing in Egypt before being liquefied at the Damietta LNG plant and exported, with TotalEnergies and Eni each marketing half of the LNG volumes.
Cronos, discovered in 2022, is estimated to contain more than three trillion cubic feet of natural gas. At plateau production, the development is expected to deliver around 500 million cubic feet of gas per day, equivalent to approximately 2.8 million tonnes of LNG annually.
The development plan includes four subsea production wells connected by pipeline to the existing Zohr offshore facilities in Egypt. There, the gas will be processed before being transported to the Damietta LNG terminal for liquefaction and export.
By making use of Egypt’s existing offshore processing facilities and LNG export infrastructure, the partners expect to reduce development costs, shorten the time needed to bring the project into production and lower the project’s carbon intensity compared with building new export facilities.
TotalEnergies operates Block 6 with a 50% interest, while Eni holds the remaining 50% through its subsidiary Eni Cyprus. The companies have made several discoveries in the block in recent years, with Cronos representing the first to move into the development phase.
Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, said the project would contribute to Europe’s energy security by diversifying LNG supply sources while making use of existing regional infrastructure. Claudio Descalzi, Chief Executive Officer of Eni, described the development as an important milestone that strengthens cooperation between Cyprus and Egypt through the use of established gas processing and export facilities.
The investment is another step in the development of the eastern Mediterranean’s growing gas industry, where operators are increasingly looking to commercialise discoveries through existing infrastructure rather than constructing new export facilities. The project marks the first offshore gas development in Cyprus to receive a final investment decision, while adding another future source of LNG to global markets.