Eni approves Cyprus Cronos gas project, targets first production in 2028

​​​​​​Italian energy major Eni has reached a final investment decision (FID) to develop the Cronos gas project in deep waters offshore Cyprus, targeting first gas production in 2028, the company announced on Tuesday.

Operated by Eni, the project will develop the Cronos field in Block 6, which contains more than 3 trillion cubic feet (tcf) of gas initially in place.

Production is expected to reach a plateau of 500 million standard cubic feet per day (mmscf/d).

Gas will be transported to Egypt through existing infrastructure, processed at the Zohr facilities, and liquefied at the Damietta LNG plant for export to international markets, primarily Europe.

“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,” Eni Chief Executive Officer Claudio Descalzi said in the statement.

“It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply,” Descalzi added.

– Project supports LNG growth strategy

Cronos is Eni’s first development in Cyprus and the country’s first hydrocarbon production project.

The project will enable the restart of the Damietta LNG plant, restore structural LNG exports from Egypt, and represent an important step in the expansion of Eni’s global LNG portfolio.

By marketing 50% of the LNG volumes, equivalent to 1.4 million metric tons per annum (mtpa), Eni expects to strengthen its contracted LNG portfolio as it pursues its goal of exceeding 20 mtpa by 2030.

The project agreements define the terms for using Egypt’s existing infrastructure, including the Zohr processing facilities and the Damietta LNG plant, as well as LNG commercialization arrangements, providing the basis for timely project execution.

• ​​​​​​Italian energy major Eni has reached a final investment decision (FID)
• Project supports LNG growth strategy